Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-3754 | ||
Entity Registrant Name | ALLY FINANCIAL INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 38-0572512 | ||
Entity Address, Address Description | Ally Detroit Center | ||
Entity Address, Address Line One | 500 Woodward Ave. | ||
Entity Address, Address Line Two | Floor 10 | ||
Entity Address, City or Town | Detroit | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48226 | ||
City Area Code | 866 | ||
Local Phone Number | 710-4623 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | ALLY | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity public float | $ 8.1 | ||
Entity Common Stock, Shares Outstanding | 303,959,432 | ||
Documents Incorporated by Reference | portions of the Registrant’s Proxy Statement for the annual meeting of stockholders to be held on May 7, 2024, are incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13, and 14 of Part III. | ||
Entity Central Index Key | 0000040729 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Detroit, Michigan |
Auditor Firm ID | 34 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Financing revenue and other interest income | ||||
Interest and fees on finance receivables and loans | $ 11,020 | $ 8,099 | $ 6,468 | |
Interest on loans held-for-sale | 34 | 31 | 18 | |
Interest and dividends on investment securities and other earning assets | 1,022 | 841 | 600 | |
Interest on cash and cash equivalents | 332 | 54 | 15 | |
Operating leases | 1,550 | 1,596 | 1,550 | |
Total financing revenue and other interest income | 13,958 | 10,621 | 8,651 | |
Interest expense | ||||
Interest on deposits | 5,819 | 1,987 | 1,045 | |
Interest on short-term borrowings | 73 | 107 | 1 | |
Interest on long-term debt | 1,001 | 763 | 860 | |
Interest on other | 4 | 0 | 8 | |
Total interest expense | 6,897 | 2,857 | 1,914 | |
Net depreciation expense on operating lease assets | 860 | 914 | 570 | |
Net financing revenue and other interest income | 6,201 | 6,850 | 6,167 | |
Other revenue | ||||
Insurance premiums and service revenue earned | 1,271 | 1,151 | 1,117 | |
Gain on mortgage and automotive loans, net | 16 | 52 | 87 | |
Loss on extinguishment of debt | 0 | 0 | (136) | |
Other gain (loss) on investments, net | 144 | (120) | 285 | |
Other income, net of losses | 582 | 495 | 686 | |
Total other revenue | 2,013 | 1,578 | 2,039 | |
Total net revenue | 8,214 | 8,428 | 8,206 | |
Provision for credit losses | 1,968 | 1,399 | 241 | |
Noninterest expense | ||||
Compensation and benefits expense | 1,901 | 1,900 | 1,643 | |
Insurance losses and loss adjustment expenses | 422 | 280 | 261 | |
Goodwill impairment | 149 | 0 | 0 | |
Other operating expenses | 2,691 | 2,507 | 2,206 | |
Total noninterest expense | 5,163 | 4,687 | 4,110 | |
Income (loss) from continuing operations before income tax expense | 1,083 | 2,342 | 3,855 | |
Income tax expense from continuing operations | 61 | 627 | 790 | |
Net income from continuing operations | [1] | 1,022 | 1,715 | 3,065 |
Loss from discontinued operations, net of tax | (2) | (1) | (5) | |
Net income | 1,020 | 1,714 | 3,060 | |
Net income from continuing operations attributable to common stockholders | [1] | 912 | 1,605 | 3,008 |
Loss from discontinued operations, net of tax | [1] | (2) | (1) | (5) |
Net income attributable to common stockholders | [1] | $ 910 | $ 1,604 | $ 3,003 |
Basic weighted-average common shares outstanding (in shares) | [1],[2] | 303,751 | 316,690 | 362,583 |
Diluted weighted-average common shares outstanding (in shares) | [1],[2] | 305,135 | 318,629 | 365,180 |
Basic earnings per common share | ||||
Net income from continuing operations (in dollars per share) | [1] | $ 3 | $ 5.07 | $ 8.30 |
Loss from discontinued operations, net of tax (in dollars per share) | [1] | (0.01) | 0 | (0.01) |
Net income (in dollars per share) | [1] | 3 | 5.06 | 8.28 |
Diluted earnings per common share | ||||
Net income from continuing operations (in dollars per share) | [1] | 2.99 | 5.04 | 8.24 |
Loss from discontinued operations, net of tax (in dollars per share) | [1] | (0.01) | 0 | (0.01) |
Net income (in dollars per share) | [1] | 2.98 | 5.03 | 8.22 |
Cash dividends declared per common share (in dollars per share) | [1] | $ 1.20 | $ 1.20 | $ 0.88 |
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. Includes shares related to share-based compensation that vested but were not yet issued. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive (Loss) Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,020 | $ 1,714 | $ 3,060 |
Available-for-sale securities | |||
Net unrealized gains (losses) arising during the period | 260 | (3,982) | (656) |
Net unrealized loss on securities transferred to held-to-maturity | 693 | 0 | 0 |
Less: Net realized gains reclassified to net income | 4 | 18 | 79 |
Net change | 949 | (4,000) | (735) |
Held-to-maturity securities | |||
Net unrealized loss on securities transferred from available-for-sale | (693) | 0 | 0 |
Less: Amortization of amounts previously recorded upon transfer from available-for-sale | (11) | 0 | 0 |
Net change | (682) | 0 | 0 |
Translation adjustments | |||
Net unrealized gains (losses) arising during the period | 5 | (8) | 0 |
Net investment hedges | |||
Net unrealized (losses) gains arising during the period | (2) | 7 | 0 |
Translation adjustments and net investment hedges, net change | 3 | (1) | 0 |
Cash flow hedges | |||
Net unrealized losses arising during the period | (16) | (2) | 0 |
Less: Net realized gains reclassified to net income | 11 | 15 | 47 |
Net change | (27) | (17) | (47) |
Defined benefit pension plans | |||
Net unrealized gains (losses) arising during the period | 0 | 2 | (8) |
Less: Net realized losses reclassified to net income | 0 | (115) | (1) |
Net change | 0 | 117 | (7) |
Other comprehensive income (loss), net of tax | 243 | (3,901) | (789) |
Comprehensive income (loss) | $ 1,263 | $ (2,187) | $ 2,271 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | ||
Noninterest-bearing | $ 638 | $ 542 |
Interest-bearing | 6,307 | 5,029 |
Total cash and cash equivalents | 6,945 | 5,571 |
Equity securities | 810 | 681 |
Available-for-sale securities (amortized cost of $28,416 and $34,863) | 24,415 | 29,541 |
Held-to-maturity securities (fair value of $4,729 and $884) | 4,680 | 1,062 |
Loans held-for-sale, net | 400 | 654 |
Finance receivables and loans, net | ||
Finance receivables and loans, net of unearned income | 139,439 | 135,748 |
Allowance for loan losses | (3,587) | (3,711) |
Total finance receivables and loans, net | 135,852 | 132,037 |
Investment in operating leases, net | 9,171 | 10,444 |
Premiums receivable and other insurance assets | 2,749 | 2,698 |
Other assets | 9,395 | 9,138 |
Assets of operations held-for-sale | 1,975 | 0 |
Total assets | 196,392 | 191,826 |
Deposit liabilities | ||
Noninterest-bearing | 139 | 185 |
Interest-bearing | 154,527 | 152,112 |
Total deposit liabilities | 154,666 | 152,297 |
Short-term borrowings | 3,297 | 2,399 |
Long-term debt | 17,570 | 17,762 |
Interest payable | 858 | 408 |
Unearned insurance premiums and service revenue | 3,492 | 3,453 |
Accrued expenses and other liabilities | 2,726 | 2,648 |
Liabilities of operations held-for-sale | 17 | 0 |
Total liabilities | 182,626 | 178,967 |
Commitments and contingencies (refer to Note 28 and Note 29) | ||
Equity | ||
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 511,861,447 and 507,682,838; and outstanding 302,459,258 and 299,324,357) | 21,975 | 21,816 |
Preferred stock | 2,324 | 2,324 |
Retained earnings (accumulated deficit) | 154 | (384) |
Accumulated other comprehensive loss | (3,816) | (4,059) |
Treasury stock, at cost (209,402,189 and 208,358,481 shares) | (6,871) | (6,838) |
Total equity | 13,766 | 12,859 |
Total liabilities and equity | $ 196,392 | $ 191,826 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Available-for-sale securities, amortized cost | $ 28,416 | $ 34,863 |
Held-to-maturity securities, fair value | $ 4,729 | $ 884 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,100,000,000 | 1,100,000,000 |
Common stock, shares issued (in shares) | 511,861,447 | 507,682,838 |
Common stock, shares outstanding (in shares) | 302,459,258 | 299,324,357 |
Treasury stock, common, shares (in shares) | 209,402,189 | 208,358,481 |
Consolidated Balance Sheet (VIE
Consolidated Balance Sheet (VIEs) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finance receivables and loans, net | $ 139,439 | $ 135,748 |
Allowance for loan losses | (3,587) | (3,711) |
Total finance receivables and loans, net | 135,852 | 132,037 |
Other assets | 9,395 | 9,138 |
Total assets | 196,392 | 191,826 |
Long-term debt | 17,570 | 17,762 |
Accrued expenses and other liabilities | 2,726 | 2,648 |
Total liabilities | 182,626 | 178,967 |
Consumer | ||
Finance receivables and loans, net | 104,977 | 106,610 |
Consumer | Automotive | ||
Finance receivables and loans, net | 84,320 | 83,286 |
Allowance for loan losses | (3,083) | (3,020) |
On-balance sheet variable interest entities | ||
Allowance for loan losses | (254) | (336) |
Total finance receivables and loans, net | 6,614 | 9,211 |
Other assets | 461 | 645 |
Total assets | 7,075 | 9,856 |
Long-term debt | 1,509 | 2,436 |
Accrued expenses and other liabilities | 4 | 5 |
Total liabilities | 1,513 | 2,441 |
On-balance sheet variable interest entities | Consumer | Automotive | ||
Finance receivables and loans, net | 6,868 | 9,547 |
Total assets | 16,415 | 20,415 |
Total liabilities | $ 1,614 | $ 2,553 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Preferred stock dividends — Series B | Preferred stock dividends — Series C | Common stock and paid-in capital | Preferred stock | Preferred stock Preferred stock dividends — Series B | Preferred stock Preferred stock dividends — Series C | Retained earnings (accumulated deficit) | Retained earnings (accumulated deficit) Preferred stock dividends — Series B | Retained earnings (accumulated deficit) Preferred stock dividends — Series C | Accumulated other comprehensive income (loss) | Treasury stock |
Beginning balance at Dec. 31, 2020 | $ 14,703 | $ 21,544 | $ 0 | $ (4,278) | $ 631 | $ (3,194) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 3,060 | 3,060 | ||||||||||
Net proceeds from issuance | $ 1,335 | $ 989 | $ 1,335 | $ 989 | ||||||||
Preferred stock dividends | (36) | (21) | $ (36) | $ (21) | ||||||||
Share-based compensation | 127 | 127 | ||||||||||
Other comprehensive income (loss) | (789) | (789) | ||||||||||
Common stock repurchases | (1,994) | (1,994) | ||||||||||
Common stock dividends | (324) | (324) | ||||||||||
Ending balance at Dec. 31, 2021 | 17,050 | 21,671 | 2,324 | (1,599) | (158) | (5,188) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 1,714 | 1,714 | ||||||||||
Preferred stock dividends | (63) | (47) | (63) | (47) | ||||||||
Share-based compensation | 145 | 145 | ||||||||||
Other comprehensive income (loss) | (3,901) | (3,901) | ||||||||||
Common stock repurchases | (1,650) | (1,650) | ||||||||||
Common stock dividends | (389) | (389) | ||||||||||
Ending balance at Dec. 31, 2022 | 12,859 | 21,816 | 2,324 | (384) | (4,059) | (6,838) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 1,020 | 1,020 | ||||||||||
Preferred stock dividends | $ (63) | $ (47) | $ (63) | $ (47) | ||||||||
Share-based compensation | 159 | 159 | ||||||||||
Other comprehensive income (loss) | 243 | 243 | ||||||||||
Common stock repurchases | (33) | (33) | ||||||||||
Common stock dividends | (372) | (372) | ||||||||||
Ending balance at Dec. 31, 2023 | $ 13,766 | $ 21,975 | $ 2,324 | $ 154 | $ (3,816) | $ (6,871) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per common share (in dollars per share) | [1] | $ 1.20 | $ 1.20 | $ 0.88 |
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating activities | ||||
Net income | $ 1,020 | $ 1,714 | $ 3,060 | |
Reconciliation of net income to net cash provided by operating activities | ||||
Depreciation and amortization | 1,247 | 1,327 | 1,261 | |
Goodwill impairment | 149 | 0 | 0 | |
Provision for credit losses | 1,968 | 1,399 | 241 | |
Gain on mortgage and automotive loans, net | (16) | (52) | (87) | |
Other (gain) loss on investments, net | (144) | 120 | (285) | |
Loss on extinguishment of debt | 0 | 0 | 136 | |
Originations and purchases of loans held-for-sale | (2,406) | (3,907) | (4,255) | |
Proceeds from sales and repayments of loans held-for-sale | 2,811 | 3,774 | 4,107 | |
Net change in | ||||
Deferred income taxes | (58) | 553 | 120 | |
Interest payable | 450 | 198 | (204) | |
Other assets | (417) | 957 | (302) | |
Other liabilities | (91) | (103) | 356 | |
Other, net | 150 | 267 | (106) | |
Net cash provided by operating activities | 4,663 | 6,247 | 4,042 | |
Investing activities | ||||
Purchases of equity securities | (339) | (539) | (1,346) | |
Proceeds from sales of equity securities | 356 | 846 | 1,508 | |
Purchases of available-for-sale securities | (518) | (6,723) | (21,557) | |
Proceeds from sales of available-for-sale securities | 337 | 820 | 5,745 | |
Proceeds from repayments of available-for-sale securities | 2,057 | 4,276 | 10,724 | |
Purchases of held-to-maturity securities | 0 | (47) | (292) | |
Proceeds from repayments of held-to-maturity securities | 123 | 154 | 372 | |
Purchases of finance receivables and loans held-for-investment | (4,233) | (7,165) | (6,756) | |
Proceeds from sales of finance receivables and loans initially held-for-investment | 258 | 55 | 376 | |
Originations and repayments of finance receivables and loans held-for-investment and other, net | (5,040) | (7,927) | 2,896 | |
Purchases of operating lease assets | (2,759) | (3,532) | (5,120) | |
Disposals of operating lease assets | 3,122 | 3,023 | 3,438 | |
Acquisitions, net of cash acquired | 0 | 0 | (699) | |
Net change in nonmarketable equity investments | (73) | 27 | 56 | |
Other, net | (579) | (531) | (443) | |
Net cash used in investing activities | (7,288) | (17,263) | (11,098) | |
Financing activities | ||||
Net change in short-term borrowings | 898 | 2,399 | (2,136) | |
Net increase in deposits | 2,342 | 10,703 | 4,511 | |
Proceeds from issuance of long-term debt | 5,705 | 7,125 | 2,997 | |
Repayments of long-term debt | (4,595) | (6,464) | (6,068) | |
Purchases of land and buildings in satisfaction of finance lease liabilities | 0 | (44) | (391) | |
Repurchases of common stock | (33) | (1,650) | (1,994) | |
Preferred stock issuance | 0 | 0 | 2,324 | |
Trust preferred securities redemption | 0 | 0 | (2,710) | |
Common stock dividends paid | (368) | (384) | (324) | |
Preferred stock dividends paid | (110) | (110) | (57) | |
Net cash provided by (used in) financing activities | 3,839 | 11,575 | (3,848) | |
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | 3 | (7) | 0 | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 1,217 | 552 | (10,904) | |
Cash and cash equivalents and restricted cash at beginning of year | 6,222 | 5,670 | 16,574 | |
Cash and cash equivalents and restricted cash at December 31, | 7,439 | 6,222 | 5,670 | |
Cash paid (received) for | ||||
Interest | 6,357 | 2,583 | 2,033 | |
Income taxes | (27) | (425) | 1,292 | |
Noncash items | ||||
Held-to-maturity securities received in consideration for loans sold | 82 | 0 | 0 | |
Available-for-sale securities transferred to held-to-maturity securities | 3,644 | 0 | 0 | |
Loans held-for-sale transferred to finance receivables and loans held-for-investment | 208 | 120 | 136 | |
Additions of property and equipment | 0 | 0 | 46 | |
Deconsolidation of debt related to loans sold | 1,373 | 0 | 0 | |
Finance receivables and loans held-for-investment transferred to loans held-for-sale | [1] | 3,739 | 23 | 414 |
Transfer of equity-method investments to equity securities | 0 | 40 | 0 | |
Transfer of nonmarketable equity investments to equity securities | 19 | 1 | 0 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents on the Consolidated Balance Sheet | 6,945 | 5,571 | ||
Restricted cash included in other assets on the Consolidated Balance Sheet | [2] | 494 | 651 | |
Total cash and cash equivalents and restricted cash in the Consolidated Statement of Cash Flows | $ 7,439 | $ 6,222 | $ 5,670 | |
[1] Includes personal lending finance receivables and loans, net that were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. Refer to Note 2 for additional information. Restricted cash balances relate primarily to our securitization arrangements. Refer to Note 13 for additional details describing the nature of restricted cash balances. |
Description of Business, Basis
Description of Business, Basis of Presentation, and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation, and Significant Accounting Policies | Description of Business, Basis of Presentation, and Significant Accounting Policies Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a financial-services company with the nation’s largest all-digital bank and an industry-leading automotive financing and insurance business, driven by a mission to “Do It Right” and be a relentless ally for customers and communities. The Company serves customers through a full range of online banking services (including deposits, mortgage lending, point-of-sale personal lending and credit-card products) and securities brokerage and investment advisory services. The Company also includes a corporate finance business that offers capital for equity sponsors and middle-market companies. On December 31, 2023, we committed to sell our point-of-sale financing business, Ally Lending. Refer to Note 2 to the Consolidated Financial Statements for further information. Ally is a Delaware corporation and is registered as a BHC under the BHC Act, and an FHC under the GLB Act. Consolidation and Basis of Presentation The Consolidated Financial Statements include the accounts of the parent and its consolidated subsidiaries, of which it is deemed to possess control, after eliminating intercompany balances and transactions, and include all VIEs in which we are the primary beneficiary. Refer to Note 11 for further details on our VIEs. Other entities in which we have invested and have the ability to exercise significant influence over operating and financial policies of the investee, but upon which we do not possess control, are accounted for using the equity method of accounting within the financial statements and are therefore not consolidated. Our accounting and reporting policies conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Consolidated Financial Statements. We operate our international subsidiaries in a similar manner as we operate in the United States of America (U.S. or United States), subject to local laws or other circumstances that may cause us to modify our procedures accordingly. The financial statements of subsidiaries that operate outside of the United States generally are measured using the local currency as the functional currency. Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure, including those of contingent assets and liabilities at the date of the financial statements. It also includes estimates related to the income and expenses during the reporting period and the related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, the valuations of automotive operating lease assets and residuals, the fair value of financial instruments, and the determination of the provision for income taxes. Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash on deposit at other financial institutions, cash items in process of collection, and certain highly liquid investments with original maturities of three months or less from the date of purchase. The book value of cash equivalents approximates fair value because of the short maturities of these instruments and the insignificant risk they present to changes in value with respect to changes in interest rates. We may hold securities with original maturities of three months or less from the date of purchase that are held as part of a longer-term investment strategy and classify them as investment securities. We also hold cash and cash equivalents with legal restrictions limiting our ability to withdraw and use the funds. This includes restricted cash held for securitization trusts and restricted cash and cash equivalents, which are presented as other assets on our Consolidated Balance Sheet. Investment Securities Our investment securities portfolio includes various debt securities. Debt securities are classified based on management’s intent to sell or hold the security. We classify debt securities as held-to-maturity only when we have both the intent and ability to hold the securities to maturity. We classify debt securities as trading when the securities are acquired for the purpose of selling or holding them for a short period of time. Debt securities not classified as either held-to-maturity or trading are classified as available-for-sale. Available-for-sale securities are carried at fair value with unrealized gains and losses included in accumulated other comprehensive income, while our held-to-maturity securities are carried at amortized cost. We establish an allowance for credit losses for lifetime expected credit losses on our held-to-maturity securities, as necessary. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Accrued interest receivable on held-to-maturity securities is excluded from the estimate of credit losses. Our held-to-maturity securities portfolio is mostly composed of U.S. government (issued by U.S. government entities or agencies) and non-agency mortgage-backed residential debt securities. U.S. government securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major ratings agencies, and have a long history of zero credit losses and therefore generally do not require an allowance for credit losses. We regularly assess our available-for-sale securities for impairment. When the amortized cost basis of an available-for-sale security exceeds its fair value, the security is impaired. If we determine that we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of the amortized cost basis, any previously recorded allowance for credit losses is written off and the security’s amortized cost basis is written down to fair value at the reporting date, with any incremental impairment recorded through earnings. Alternatively, if we do not intend to sell, or it is not more likely than not that we will be required to sell the security before anticipated recovery of the amortized cost basis, we evaluate, among other factors, the magnitude of the decline in fair value, the financial health of and business outlook for the issuer, and the performance of the underlying assets for interests in securitized assets to determine if a credit loss has occurred. The present value of expected future cash flows are compared to the security’s amortized cost basis to measure the credit loss component of the impairment after determining a credit loss has occurred. If the present value of expected cash flows is less than the amortized cost basis, we record an allowance for credit losses for that difference. The amount of credit loss is limited to the difference between the security’s amortized cost basis and its fair value. Any remaining impairment that is due to factors other than a credit loss, such as changes in market interest rates, is recorded in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for, or reversal of, provision for credit losses. Accrued interest receivable on available-for-sale securities is excluded from the estimate of credit losses. Premiums and discounts on debt securities are generally amortized over the stated maturity of the security as an adjustment to investment yield. Premiums on debt securities that have non-contingent call features that are callable at fixed prices on preset dates are amortized to the earliest call date as an adjustment to investment yield. A debt security is generally placed on nonaccrual status at the time any principal or interest payments become 90 days past due. The receivable for interest income that is accrued but not collected is reversed against interest income when the debt security is placed on nonaccrual status. Realized gains and losses on the sale of debt securities are determined using the specific identification method and are reported in other (loss) gain on investments, net in our Consolidated Statement of Income. Equity Securities and Nonmarketable Equity Investments Equity securities that have a readily determinable fair value are recorded at fair value with changes in fair value recorded in earnings and reported in other gain on investments, net in our Consolidated Statement of Income. These investments are included in equity securities on our Consolidated Balance Sheet. In some instances, we may account for equity securities using the net asset value practical expedient to estimate fair value. Realized gains and losses on the sale of equity securities with a readily determinable fair value and equity securities measured using the net asset value practical expedient are determined using the specific identification method and are reported in other (loss) gain on investments, net in our Consolidated Statement of Income. Refer to Note 24 for further information on equity securities that are held at fair value. Our nonmarketable equity investments include investments in FHLB and FRB stock held to meet regulatory requirements and other equity investments that do not have a readily determinable fair value. Our investments in FHLB and FRB stock are carried at cost, less impairment, if any. Our remaining nonmarketable equity investments are recorded at cost, less impairment and adjusted for observable price changes under the measurement alternative provided under U.S. GAAP. These investments, along with our investments in FHLB and FRB stock, are included in nonmarketable equity investments in other assets on our Consolidated Balance Sheet. Investments recorded under the measurement alternative are also reviewed at each reporting period to determine if any adjustments are required for observable price changes in identical or similar securities of the same issuer. As conditions warrant, we review these investments, as well as investments in FHLB and FRB stock, for impairment and adjust the carrying value of the investment if it is deemed to be impaired. Adjustments related to observable price changes or impairment on securities using the measurement alternative and FHLB and FRB stock are recorded in earnings and reported in other income, net of losses in our Consolidated Statement of Income. Realized gains and losses on the sale of nonmarketable equity investments are also recorded in earnings and reported in other income, net of losses in our Consolidated Statement of Income. Finance Receivables and Loans We initially classify finance receivables and loans as either loans held-for-sale or loans held-for-investment based on management’s assessment of our intent and ability to hold the loans for the foreseeable future or until maturity. Management’s view of the foreseeable future is based on the longest reliable forecasted period, including events known when performing periodic evaluations. Management’s intent and ability with respect to certain loans may change from time to time depending on a number of factors, for example, economic, liquidity, and capital conditions. In order to reclassify loans to held-for-sale, management must have the intent to sell the loans and must reasonably identify the specific loans to be sold. Loans classified as held-for-sale are presented as loans held-for-sale, net on our Consolidated Balance Sheet and are carried at the lower of their net carrying value or fair value, unless the fair value option was elected, in which case those loans are carried at fair value. For loans originated as held-for-sale for which we have not elected the fair value option, loan origination fees and costs are included in the initial carrying value. For held-for-sale loans for which we have elected the fair value option, loan origination fees and costs are recognized in earnings when earned or incurred. We have elected the fair value option for conforming mortgage direct-to-consumer originations for which we have a commitment to sell. The interest rate lock commitment that we enter into for a mortgage loan originated as held-for-sale and certain forward commitments are considered derivatives, which are carried at fair value on our Consolidated Balance Sheet. We have elected the fair value option to measure our nonderivative forward commitments. Changes in the fair value of our interest rate lock commitments, derivative forward commitments, and nonderivative forward commitments related to mortgage loans originated as held-for-sale, as well as changes in the carrying value of loans classified as held-for-sale, are reported through gain on mortgage and automotive loans, net in our Consolidated Statement of Income. Interest income on our loans classified as held-for-sale is recognized based upon the contractual rate of interest on the loan and the unpaid principal balance. We report accrued interest receivable on our loans classified as held-for-sale in other assets on our Consolidated Balance Sheet. Loans classified as held-for-investment are presented as finance receivables and loans, net on our Consolidated Balance Sheet. Finance receivables and loans are reported at their amortized cost basis, which includes the principal amount outstanding, net of unamortized deferred fees and costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal net charge-offs. We refer to the amortized cost basis less the allowance for loan losses as the net carrying value in finance receivables and loans. Unearned rate support received from automotive manufacturers on certain automotive loans, deferred origination fees and costs, and premiums and discounts on purchased loans, are amortized over the contractual life of the related finance receivable or loan using the effective interest method. We make various incentive payments for consumer automotive loan originations to automotive dealers and account for these payments as direct loan origination costs. Additionally, we make incentive payments to certain commercial automobile wholesale borrowers and account for these payments as a reduction to interest income in the period they are earned. Interest income on our finance receivables and loans is recognized based on the contractual rate of interest plus the amortization of deferred amounts using the effective interest method, except for origination fees and costs on our credit card loans, which amortize straight line over a twelve-month period. In addition, annual fees on credit cards are amortized into other income, net of losses over a twelve-month period. We report accrued interest receivable on our finance receivables and loans in other assets on our Consolidated Balance Sheet, except for billed interest on our credit card loans, which is included in finance receivables and loans, net. Loan commitment fees are generally deferred and amortized over the commitment period. For information on finance receivables and loans, refer to Note 9. We have elected to exclude accrued interest receivable from the measurement of our allowance for loan losses for each class of financing receivables, except for billed interest on our credit card loans, which is included in finance receivables and loans, net. We have also elected to write-off accrued interest receivable by reversing interest income when loans are placed on nonaccrual status for each class of finance receivable. This includes the reversal of the billed interest on credit card loans that occurs at the time of charge-off, which is initially included in the measurement of our allowance for loan losses. Our portfolio segments are based on the level at which we develop and document our methodology for determining the allowance for loan losses. Additionally, the classes of finance receivables are based on several factors, including the method for monitoring and assessing credit risk, the method of measuring carrying value, and the risk characteristics of the finance receivable. Based on an evaluation of our process for developing the allowance for loan losses, including the nature and extent of exposure to credit risk arising from finance receivables, we have determined our portfolio segments to be consumer automotive, consumer mortgage, consumer other, and commercial. • Consumer automotive — Consists of retail automotive financing for new and used vehicles. • Consumer mortgage — Consists of the following classes of finance receivables. ◦ Mortgage Finance — Consists of consumer first-lien mortgages from our ongoing mortgage operations including direct-to-consumer originations, refinancing of high-quality jumbo mortgages and LMI mortgages, and bulk acquisitions. ◦ Mortgage — Legacy — Consists of consumer mortgage assets originated prior to January 1, 2009, including first-lien mortgages, subordinate-lien mortgages, and home equity mortgages. • Consumer other — Consists of the following classes of finance receivables. • Personal Lending — Consists of unsecured consumer lending from point-of-sale financing. On December 31, 2023, we committed to sell our point-of-sale financing business. Refer to Note 2 for further information. • Credit Card — Consists of consumer credit card loans. • Commercial — Consists of the following classes of finance receivables. ◦ Commercial and Industrial ▪ Automotive — Consists of financing operations to fund dealer purchases of new and used vehicles through wholesale floorplan financing. Additional commercial offerings include automotive dealer term loans, revolving lines, and dealer fleet financing. ▪ Other — Consists primarily of senior secured asset-based and leveraged cash flow loans related to our corporate-finance business. ◦ Commercial Real Estate — Consists of term loans primarily secured by dealership land and buildings, and other commercial lending secured by real estate. Nonaccrual Loans Generally, we recognize loans of all classes as past due when they are 30 days delinquent on making a contractually required payment, and loans are placed on nonaccrual status when principal or interest has been delinquent for at least 90 days, or when full collection is not expected. Interest income recognition is suspended when finance receivables and loans are placed on nonaccrual status. Additionally, amortization of premiums and discounts and deferred fees and costs ceases when finance receivables and loans are placed on nonaccrual. Exceptions include commercial real estate loans that are placed on nonaccrual status when delinquent for 60 days or when full collection is not probable, if sooner. Additionally, a loan can be returned to accrual status when the loan has been brought fully current, the collection of contractual principal and interest is reasonably assured, and six consecutive months of repayment performance is achieved. In certain cases, if a borrower has been current up to the time of the modification and repayment of the debt subsequent to the modification is reasonably assured, we may choose to continue to accrue interest on the loan. Nonperforming loans on nonaccrual status are reported in Note 9. For all our portfolio segments, the receivable for interest income that is accrued, but not collected, at the date finance receivables and loans are placed on nonaccrual status is reversed against interest income and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, for credit card loans, billed interest is included in the receivables balance and therefore is not reversed against interest income until the loan is charged-off. Where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Generally, finance receivables and loans are restored to accrual status only when contractually current and the collection of future payments is reasonably assured. Modifications of Loans with Borrowers Experiencing Financial Difficulty On January 1, 2023, we implemented ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This guidance eliminates the concept of TDRs and adds new disclosure requirements related to loan modifications and gross charge-offs. We implemented the ASU on a prospective basis, which results in certain aspects of our accounting policies changing for the current year. We may provide a modification to a borrower who is experiencing financial difficulty if we believe they have the ability and are willing to repay their loan. The type of modification granted will vary depending on our credit risk management practices, as well as the borrower’s financial condition and the characteristics of the loan, including the unpaid balance, the underlying collateral, and the number or types of previous modifications granted. Modifications that we make subject to these requirements include payment extensions, principal forgiveness, and/or interest rate concessions. These modifications generally reduce the borrower’s periodic payment amount. The following is a description of each of these types of modifications. • Payment extensions — Payment extensions include both payment deferrals and contractual maturity extensions. Deferral arrangements allow borrowers to delay a scheduled loan payment to a later date. Deferred loan payments do not affect the original contractual terms of the loan and the contractual maturity date of the loan remains unchanged. Deferrals also include certain forbearance agreements. Within the commercial loan portfolio, deferrals primarily reflect a deferral of interest payments. Under a contractual maturity extension agreement, the last payment date is extended to a future date, contractually lengthening the remaining term of the original loan. • Principal forgiveness — Under principal forgiveness, the outstanding principal balance of a loan is reduced by a specified amount. Principal forgiveness may occur voluntarily as part of a negotiated agreement with a borrower, or involuntarily through a bankruptcy proceeding. Under these involuntary instances, the bankruptcy court in a Chapter 11 or 13 proceeding may order us to reduce the outstanding principal balance of the loan to a specified amount. • Interest rate concessions — Interest rate concessions adjust the contractual interest rate of the loan to a rate that is not consistent with a market rate for a customer with similar credit risk. • Combination — Combination includes loans that have undergone multiple of the above loan modification types. This primarily includes rewritten loans where we grant an interest rate concession and a contractual maturity extension. Significant judgment is required to determine if a borrower is experiencing financial difficulty. These considerations vary by portfolio class. In all cases, the cumulative impacts of all modifications made within the 12-month period before the current modification are considered at the time of the most recent modification. For consumer loans of all classes, various qualitative factors are used for assessing the financial difficulty of the borrower. These factors include, but are not limited to, the borrower’s default status on any of its debts, bankruptcy, and recent changes in financial circumstances (for instance, loss of employment). For commercial loans of all classes, similar qualitative factors are considered when assessing the financial difficulty of the borrower. In addition to the previously noted factors, consideration is also given to the borrower’s forecasted ability to service the debt in accordance with the contractual terms, possible regulatory actions, and other potential business disruptions (for example, the loss of a significant customer or other revenue stream). In our consumer automotive portfolio class of loans, we also provide extensions or deferrals of payments to borrowers whom we deem to be experiencing only temporary financial difficulty. In these cases, there are limits within our operational policies to minimize the number of times a loan can be extended, as well as limits to the length of each extension, including a cumulative cap over the life of the loan. If these limits are breached, the modification may require disclosure as noted in the following paragraph. Before offering an extension or deferral, we evaluate the capacity of the customer to make the scheduled payments after the deferral period. During the deferral period, we continue to accrue interest on the loan as part of the deferral agreement. We grant these extensions or deferrals when we expect to collect all amounts due including interest accrued at the original contract rate. We do not disclose modifications that result in only an insignificant payment delay. In order to assess whether a payment delay is insignificant, we consider the amount of the modified payments subject to delay in conjunction with the unpaid principal balance or the collateral value of the loan, whether or not the delay is significant with respect to the frequency of payments under the original contract, or the loan’s original expected duration. In the cases where payment extensions cumulatively extend beyond 90 days and are more than 10% of the original contractual term, or where the cumulative payment extension within the 12-month period immediately preceding the current modification is beyond 180 days, we deem the delay in payment to be more than insignificant. The financial impacts of modifications that meet the definition of a modification to borrowers experiencing financial difficulty are reported in the period in which they are identified. Additionally, if such a loan defaults within 12 months of the modification, we are required to disclose the instances of redefault. For the purpose of this disclosure, we have determined that a loan is considered to have redefaulted when the loan meets the requirements for evaluation under our charge-off policy, except for commercial loans where redefault is defined as 90 days past due. Net Charge-offs We disclose the measurement of net charge-offs as the amount of gross charge-offs recognized less recoveries received. Gross charge-offs reflect the amount of the amortized cost basis directly written-off. Generally, we recognize recoveries when they are received and record them as an increase to the allowance for loan losses. As a general rule, consumer automotive loans are fully charged off once a loan becomes 120 days past due. In instances where upon becoming 120 days past due repossession is assured and in process, consumer automotive loans are written down to estimated collateral value, less costs to sell. In our consumer mortgage portfolio segment, first-lien mortgages and a subset of our home equity portfolio that are secured by real estate in a first-lien position are written down to the estimated fair value of the collateral, less costs to sell, once a mortgage loan becomes 180 days past due. Consumer mortgage loans that represent second-lien positions are charged off at 180 days past due. In our consumer other segment, loans within our personal lending class of receivables are charged off at 120 days past due and loans in our credit card class of receivables are charged off at 180 days past due. Within 60 days of receipt of notification of filing from the bankruptcy court, or within the time frames noted above, consumer automotive and first-lien consumer mortgage loans in bankruptcy are written down to their expected future cash flows, which is generally fair value of the collateral, less costs to sell, and second-lien consumer mortgage loans and other consumer loans are fully charged-off, unless it can be clearly demonstrated that repayment is likely to occur. Regardless of other timelines noted within this policy, loans are considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to only be through sale or operation of the collateral. Collateral dependent loans are charged-off to the estimated fair value of the underlying collateral, less costs to sell when foreclosure or repossession proceedings begin. Commercial loans are individually evaluated and are written down to the estimated fair value of the collateral less costs to sell when collectability of the recorded balance is in doubt. Generally, all commercial loans are charged-off when it becomes unlikely that the borrower is willing or able to repay the remaining balance of the loan and any underlying collateral is not sufficient to recover the outstanding principal. Collateral dependent loans are charged-off to the fair market value of collateral less costs to sell when appropriate. Non-collateral dependent loans are fully charged-off. Allowance for Loan Losses The allowance for loan losses (the allowance) is deducted from, or added to, the loan’s amortized cost basis to present the net amount expected to be collected from our lending portfolios. We estimate the allowance using relevant available information, which includes both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Additions and reductions to the allowance are charged to current period earnings through the provision for credit losses and amounts determined to be uncollectible are charged directly against the allowance, net of amounts recovered on previously charged-off accounts. Expected recoveries do not exceed the total of amounts previously charged-off and amounts expected to be charged-off. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions or renewals, unless the extension or renewal option is included in the original or modified contract at the reporting date and we are not able to unconditionally cancel the option. Expected loan modifications are also not included in the contractual term, unless we have a reasonable expectation at period end that the loan modification will be executed with a borrower. For the purpose of calculating portfolio-level reserves, we have grouped our loans into four portfolio segments: consumer automotive, consumer mortgage, consumer other, and commercial. The allowance is measured on a collective basis using statistical models when loans have similar risk characteristics. These statistical models are designed to correlate certain macroeconomic variables to expected future credit losses. The macroeconomic data used in the models are based on forecasted factors for the next 12-months. These forecasted variables are derived from both internal and external sources. Beyond this forecasted period, we revert each variable to a historical average. This reversion to the mean is performed on a straight-line basis over 24 months. The historical average is calculated predominantly using historical data beginning in January 2008 through the most recent period of available data. Loans that do not share similar risk characteristics are evaluated on an individual basis and are not included in the collective evaluation. The allowance calculation is supplemented with qualitative overlays that take into consideration current portfolio and asset-level factors, such as the impacts of changes in underwriting standards, collections and account management effectiveness, geographic concentrations, and economic events that have occurred but are not yet reflected in the quantitative model component. Qualitative adjustments are documented, reviewed, and approved through our established risk governance processes and follow regulatory guidance. Management also considers the need for a reserve on unfunded loan commitments across our portfolio segments, inc |
Held-for-sale Operations
Held-for-sale Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Held-for-sale Operations | Held-for-sale Operations On December 31, 2023, we committed to sell our point-of-sale financing business, Ally Lending, a component of our Corporate and Other segment. We expect to complete the sale during the first quarter of 2024. For all periods presented, the operating results for our held-for-sale operations have been presented within continuing operations in the Consolidated Statement of Income. Additionally, the assets and liabilities of our held-for-sale operations are presented separately on the Consolidated Balance Sheet as of December 31, 2023. In connection with the classification of the operations as held-for-sale, the disposal group was measured at lower-of-cost or fair value. First, the finance receivables and loans were classified as held-for-sale and measured at the lower-of-cost or fair value, which resulted in a benefit of $16 million to our provision for credit losses. Next, the remaining assets and liabilities of the disposal group were measured at the lower-of-cost or fair value. The fair value was determined based on the sales agreement with the third-party purchaser, which is a Level 2 fair value input. The carrying value exceeded the fair value of the assets and liabilities of the disposal group, which resulted in a goodwill impairment charge of $149 million during the year ended December 31, 2023. In total, we recognized a net pretax loss of $133 million for the year ended December 31, 2023, in connection with classification of the operations as held-for-sale. The assets and liabilities of operations held-for-sale are summarized below. December 31, ($ in millions) 2023 Assets Loans held-for-sale, net $ 1,940 Other assets (a) 35 Total assets $ 1,975 Liabilities Accrued expenses and other liabilities (b) $ 17 Total liabilities $ 17 (a) Primarily includes accrued interest and fees of $25 million, goodwill of $4 million, and property and equipment of $4 million. (b) Includes $5 million for reserves for unfunded lending commitments. Nonrecurring Fair Value The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and still held at December 31, 2023. Refer to Note 24 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ 1,940 $ — $ 1,940 $ — n/m (a) Other assets (b) — 35 — 35 (149) n/m (a) Total assets $ — $ 1,975 $ — $ 1,975 $ (149) n/m Liabilities Accrued expenses and other liabilities $ — $ 17 $ — $ 17 $ — n/m (a) Total liabilities $ — $ 17 $ — $ 17 $ — n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. (b) Includes a $149 million impairment of goodwill at Ally Lending. At the time of impairment, the fair value of goodwill at Ally Lending was classified as Level 2 under the fair value hierarchy. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Our primary revenue sources, which include financing revenue and other interest income, are addressed by other U.S. GAAP topics and are not in the scope of ASC Topic 606, Revenue from Contracts with Customers. As part of our Insurance operations, we recognize revenue from insurance contracts, which are addressed by other U.S. GAAP topics and are not included in the scope of this standard. Certain noninsurance contracts within our Insurance operations, including VSCs, GAP contracts, and VMCs, are included in the scope of this standard. All revenue associated with noninsurance contracts is recognized over the contract term on a basis proportionate to the anticipated cost emergence. Further, commissions and sales expense incurred to obtain these contracts are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned, and all advertising costs are recognized as expense when incurred. The following is a description of our primary revenue sources that are derived from contracts with customers. Revenue from contracts with customers is recognized when control of the promised goods or services is transferred to our customers, and in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. For information regarding our revenue recognition policies outside the scope of the revenue recognition principles of ASC Topic 606, Revenue from Contracts with Customers , refer to Note 1. • Noninsurance contracts — We sell VSCs that offer owners mechanical repair protection and roadside assistance for new and used vehicles beyond the manufacturer’s new vehicle limited warranty. We sell GAP contracts that protect the customer against having to pay certain amounts to a lender above the fair market value of their vehicle if the vehicle is damaged and declared a total loss or stolen. We also sell VMCs that provide coverage for certain agreed-upon services, such as oil changes and tire rotations, over the coverage period. We receive payment in full at the inception of each of these contracts. Our performance obligation for these contracts is satisfied over the term of the contract and we recognize revenue over the contract term on a basis proportionate to the anticipated incurrence of costs, as we believe this is the most appropriate method to measure progress towards satisfaction of the performance obligation. This revenue is recorded within insurance premiums and service revenue earned in our Consolidated Statement of Income, while associated cancellation and transfer fees are recorded as other income. • Sale of off-lease vehicles — When a customer’s vehicle lease matures, the customer has the option of purchasing or returning the vehicle. If the vehicle is returned to us, we obtain possession with the intent to sell through SmartAuction—our online auction platform, our dealer channel, or through various other physical auctions. Our performance obligation is satisfied and the remarketing gain or loss is recognized when control of the vehicle has passed to the buyer, which coincides with the sale date. Our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing recorded through depreciation expense on operating lease assets in our Consolidated Statement of Income. • Remarketing fee income — In addition to using SmartAuction as a remarketing channel for our returned lease vehicles, we maintain the SmartAuction internet auction site and administer the auction process for third-party use. We earn a service fee from dealers for every third-party vehicle sold through SmartAuction. Our performance obligation is to provide the online marketplace for used vehicle transactions to be consummated. This obligation is satisfied and revenue is recognized when control of the vehicle has passed to the buyer, which coincides with the sale date. This revenue is recorded as remarketing fees within other income in our Consolidated Statement of Income. • Brokerage commissions and other revenues through Ally Invest — We charge fees to customers related to their use of certain services on our Ally Invest digital advisory and online brokerage platform. These fees include commissions on low-priced securities, option contracts, certain other security types, account service fees, account management fees on professional portfolio management services, and other ancillary fees. Commissions on customer-directed trades and account service fees are based on published fee schedules and are generated from a customer option to purchase the services offered under the contract. These options do not represent a material right and are only considered a contract when the customer executes their option to purchase these services. Based on this, the term of the contract does not extend beyond the services provided, and accordingly revenue is recognized upon the completion of our performance obligation, which we view as the successful execution of the trade or service. Revenue on professional portfolio management services is calculated monthly based upon a fixed percentage of the client’s assets under management. Due to the fact that this revenue stream is composed of variable consideration that is based on factors outside of our control, we have deemed this revenue as constrained and we are unable to estimate the initial transaction price at the inception of the contract. We have elected to use the practical expedient under GAAP to recognize revenue monthly based on the amount we are able to invoice the customer. Additionally, we earn revenue when we route customers’ orders to market makers, who then execute customers’ trades. The market makers compensate us for the right to fill the customers’ orders. We also earn revenue from a fee-sharing agreement with our clearing broker related to the interest fee income the clearing broker earns on customer cash balances, securities lending, and margin loans made to our customers. We concluded the initial transaction price is exclusively variable consideration and, based on the nature of our performance obligation to allow the clearing broker to collect interest fee income from cash deposits and customer loans from our customers, we are unable to determine the amount of revenue to be recognized until the total customer cash balance or the total interest income recognized on margin loans has been determined, which occurs monthly. These revenue streams are recorded as other income in our Consolidated Statement of Income. • Brokered/agent commissions through Insurance operations — We have agreements with third parties to offer various vehicle protection products to consumers. We also have agreements with third-party insurers to offer various insurance coverages to dealers. Our performance obligation for these arrangements is satisfied when a customer or dealer has purchased a vehicle protection product or an insurance policy through the third-party provider. In determining the initial transaction price for these agreements, we noted that revenue on brokered/agent commissions is based on the volume of vehicle protection product contracts sold or a percentage of insurance premium written, which is not known to us at the inception of the agreements with these third-party providers. We concluded the initial transaction price is exclusively variable consideration and, based on the nature of the performance obligation, we are unable to determine the amount of revenue we will record until the customer purchases a vehicle protection product or a dealer purchases an insurance policy from the third-party provider. Once we are notified of vehicle protection product sales or insurance policies issued by the third-party providers, we record the commission earned as insurance premiums and service revenues earned in our Consolidated Statement of Income. • Banking fees and interchange income — We charge depositors various account service fees including those for outgoing wires, excessive transactions, stop payments, and returned deposits. These fees are generated from a customer option to purchase services offered under the contract. These options do not represent a material right and are only considered a contract in accordance with the revenue recognition principles when the customer exercises their option to purchase these account services. Based on this, the term for our contracts with customers is considered day-to-day, and the contract does not extend beyond the services already provided. In May 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. Revenue derived from deposit account fees is recorded at the point in time we perform the requested service, and is recorded as other income in our Consolidated Statement of Income. As a debit and credit card issuer, we also generate interchange fee income from merchants during debit and credit card transactions and incur certain corresponding charges from merchant card networks. For debit card transactions, our performance obligation is satisfied when we have initiated the payment of funds from a customer’s account to a merchant through our contractual agreements with the merchant card networks. For credit card transactions, our performance obligation is satisfied at the time each transaction is captured for settlement with the interchange networks. Interchange fees are reported net of processing fees and customer rewards as other income in our Consolidated Statement of Income. • Other revenue — Other revenue primarily includes service revenue related to various account management functions and fee income derived from third-party lenders arranged through our online automotive lender exchange. These revenue streams are recorded as other income in our Consolidated Statement of Income. The following table presents a disaggregated view of our revenue from contracts with customers included in other revenue that falls within the scope of the revenue recognition principles of ASC Topic 606, Revenue from Contracts with Customers . Year ended December 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2023 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 686 $ — $ — $ — $ 686 Remarketing fee income 117 — — — — 117 Brokerage commissions and other revenue — — — — 89 89 Banking fees and interchange income (d) (e) — — — — 44 44 Brokered/agent commissions — 13 — — — 13 Other 18 1 — — — 19 Total revenue from contracts with customers 135 700 — — 133 968 All other revenue 186 728 16 104 11 1,045 Total other revenue (f) $ 321 $ 1,428 $ 16 $ 104 $ 144 $ 2,013 2022 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 655 $ — $ — $ — $ 655 Remarketing fee income 107 — — — — 107 Brokerage commissions and other revenue — — — — 64 64 Banking fees and interchange income (d) (e) — — — — 44 44 Brokered/agent commissions — 14 — — — 14 Other 20 — — — 4 24 Total revenue from contracts with customers 127 669 — — 112 908 All other revenue 179 354 27 122 (12) 670 Total other revenue (f) $ 306 $ 1,023 $ 27 $ 122 $ 100 $ 1,578 2021 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 627 $ — $ — $ — $ 627 Remarketing fee income 107 — — — — 107 Brokerage commissions and other revenue — — — — 58 58 Banking fees and interchange income (d) (e) — — — — 18 18 Brokered/agent commissions — 16 — — — 16 Other 22 — — — 4 26 Total revenue from contracts with customers 129 643 — — 80 852 All other revenue 122 702 94 128 141 1,187 Total other revenue (f) $ 251 $ 1,345 $ 94 $ 128 $ 221 $ 2,039 (a) We had opening balances of $3.0 billion, $3.1 billion and $3.0 billion in unearned revenue associated with outstanding contracts at January 1, 2023, 2022, and 2021, respectively, and $973 million, $939 million, and $909 million of these balances were recognized as insurance premiums and service revenue earned in our Consolidated Statement of Income during the years ended December 31, 2023, 2022, and 2021. (b) At December 31, 2023, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $880 million in 2024, $717 million in 2025, $554 million in 2026, $382 million in 2027, and $427 million thereafter. We had unearned revenue of $3.0 billion and $3.1 billion associated with outstanding contracts at December 31, 2022, and 2021, respectively. (c) We had deferred insurance assets of $1.8 billion at both December 31, 2023, and 2022, and $1.9 billion at December 31, 2021. We recognized $580 million, $564 million, and $537 million of expense during the years ended December 31, 2023, 2022, and 2021, respectively. (d) Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. (e) Interchange income is reported net of customer rewards. Customer rewards expense was $20 million, $14 million, and $1 million for the years ended December 31, 2023, 2022, and 2021, respectively. (f) Represents a component of total net revenue. Refer to Note 26 for further information on our reportable operating segments. In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing gains of $211 million, $170 million, and $344 million for the years ended December 31, 2023, 2022 , and 2021, respectively, on the sale of off-lease vehicles. These gains are included in depreciation expense on operating lease assets in our Consolidated Statement of Income. |
Insurance Premiums and Service
Insurance Premiums and Service Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Insurance Premiums and Service Revenue [Abstract] | |
Insurance Premiums and Service Revenue Disclosure | Insurance Premiums and Service Revenue The following table is a summary of insurance premiums and service revenue written and earned. 2023 2022 2021 Year ended December 31, ($ in millions) Written Earned Written Earned Written Earned Insurance premiums Direct $ 476 $ 446 $ 388 $ 379 $ 397 $ 389 Assumed 93 68 42 29 15 8 Gross insurance premiums 569 514 430 408 412 397 Ceded (265) (238) (216) (211) (200) (205) Net insurance premiums 304 276 214 197 212 192 Service revenue 971 995 889 954 985 925 Insurance premiums and service revenue written and earned $ 1,275 $ 1,271 $ 1,103 $ 1,151 $ 1,197 $ 1,117 |
Other Income, Net of Losses
Other Income, Net of Losses | 12 Months Ended |
Dec. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income, Net of Losses | Other Income, Net of Losses Details of other income, net of losses, were as follows. Year ended December 31, ($ in millions) 2023 2022 2021 Late charges and other administrative fees $ 198 $ 162 $ 123 Remarketing fees 117 107 107 Income from equity-method investments (a) 4 102 132 (Loss) gain on nonmarketable equity investments, net (a) (10) (132) 142 Other, net 273 256 182 Total other income, net of losses $ 582 $ 495 $ 686 (a) Refer to Note 13 for further information on our equity-method investments and nonmarketable equity investments. |
Reserves for Insurance Losses a
Reserves for Insurance Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | |
Reserves for Insurance Losses and Loss Adjustment Expenses | Reserves for Insurance Losses and Loss Adjustment Expenses The following table shows incurred claims and allocated loss adjustment expenses, net of reinsurance. For the years ended December 31, ($ in millions) December 31, 2023 ($ in millions) (unaudited supplementary information) Total of incurred-but-not-reported liabilities plus expected development on reported claims (a) Cumulative number of reported claims (a) Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 390 $ 389 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ — 525,298 2015 274 271 272 272 272 272 272 272 272 — 342,280 2016 326 327 328 328 328 328 328 328 — 476,057 2017 310 314 315 315 315 315 315 — 481,750 2018 271 272 272 273 273 272 — 506,452 2019 303 306 305 305 305 — 542,360 2020 343 339 339 339 — 494,469 2021 243 237 237 — 493,571 2022 258 267 2 512,716 2023 385 40 568,345 Total $ 3,108 (a) Claims are reported on a claimant basis in a given accident year. Claimant is defined as one vehicle for GAP products, one repair for VSCs and VMCs, one dealership for dealer inventory products, and per individual/coverage for run-off personal automotive products. The following table shows cumulative paid claims and allocated loss adjustment expenses, net of reinsurance. For the years ended December 31, ($ in millions) (unaudited supplementary information) Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 369 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 2015 252 272 272 272 272 272 272 272 272 2016 302 327 328 328 328 328 328 328 2017 289 315 315 315 315 315 315 2018 245 273 273 273 273 272 2019 278 306 305 305 305 2020 313 339 339 340 2021 213 236 237 2022 225 260 2023 328 Total 3,045 All outstanding liabilities for loss and allocated loss adjustment expenses before 2014, net of reinsurance 8 Reserves for insurance losses and allocated loss adjustment expenses, net of reinsurance $ 71 The following table shows the average annual percentage payout of incurred claims by age, net of reinsurance. The information presented is unaudited supplementary information. Year 1 2 3 4 5 6 7 8 9 10 Percentage payout of incurred claims 91.5 % 8.4 % 0.1 % — % — % — % — % — % — % — % The following table shows a reconciliation of the disclosures of incurred and paid claims development to the reserves for insurance losses and loss adjustment expenses. December 31, ($ in millions) 2023 2022 2021 Reserves for insurance losses and loss adjustment expenses, net of reinsurance $ 71 $ 44 $ 39 Total reinsurance recoverable on unpaid claims 66 72 81 Unallocated loss adjustment expenses 3 3 2 Total gross reserves for insurance losses and loss adjustment expenses $ 140 $ 119 $ 122 The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses. ($ in millions) 2023 2022 2021 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 119 $ 122 $ 129 Less: Reinsurance recoverable 72 81 90 Net reserves for insurance losses and loss adjustment expenses at January 1, 47 41 39 Net insurance losses and loss adjustment expenses incurred related to: Current year 414 282 259 Prior years (a) 8 (2) 2 Total net insurance losses and loss adjustment expenses incurred 422 280 261 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (354) (246) (229) Prior years (41) (28) (30) Total net insurance losses and loss adjustment expenses paid or payable (395) (274) (259) Net reserves for insurance losses and loss adjustment expenses at December 31, 74 47 41 Plus: Reinsurance recoverable 66 72 81 Total gross reserves for insurance losses and loss adjustment expenses at December 31, $ 140 $ 119 $ 122 (a) There have been no material adverse changes to the reserve for prior years. |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Operating Expenses [Abstract] | |
Other Operating Expenses | Other Operating Expenses Details of other operating expenses were as follows. Year ended December 31, ($ in millions) 2023 2022 2021 Insurance commissions $ 636 $ 610 $ 562 Technology and communications 436 406 345 Advertising and marketing 308 366 241 Lease and loan administration 210 201 222 Regulatory and licensing fees 205 119 75 Property and equipment depreciation 196 165 153 Professional services 145 173 146 Vehicle remarketing and repossession 116 91 74 Amortization of intangible assets (a) 25 31 20 Other 414 345 368 Total other operating expenses $ 2,691 $ 2,507 $ 2,206 (a) Refer to Note 1 and Note 13 for further information on our intangible assets. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Our investment portfolio includes various debt and equity securities. Our debt securities, which are classified as available-for-sale or held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities. The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows. 2023 2022 Amortized cost Gross unrealized Fair value Amortized cost Gross unrealized Fair value December 31 , ($ in millions) gains losses gains losses Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 2,284 $ — $ (209) $ 2,075 $ 2,272 $ — $ (256) $ 2,016 U.S. States and political subdivisions 727 1 (70) 658 841 1 (82) 760 Foreign government 190 1 (8) 183 158 — (12) 146 Agency mortgage-backed residential (a) 18,122 1 (2,739) 15,384 19,668 3 (3,038) 16,633 Mortgage-backed residential 268 — (43) 225 5,154 — (855) 4,299 Agency mortgage-backed commercial (a) 4,539 2 (783) 3,758 4,380 — (845) 3,535 Asset-backed 344 — (12) 332 459 — (26) 433 Corporate debt 1,942 4 (146) 1,800 1,931 1 (213) 1,719 Total available-for-sale securities (b) (c) (d) (e) (f) $ 28,416 $ 9 $ (4,010) $ 24,415 $ 34,863 $ 5 $ (5,327) $ 29,541 Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 999 $ — $ (173) $ 826 $ 1,062 $ — $ (178) $ 884 Mortgage-backed residential 3,603 221 — 3,824 — — — — Asset-backed retained notes 78 1 — 79 — — — — Total held-to-maturity securities (d) (f) (g) $ 4,680 $ 222 $ (173) $ 4,729 $ 1,062 $ — $ (178) $ 884 (a) Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $46 million asset and a $12 million liability for agency mortgage-backed residential securities at December 31, 2023, and December 31, 2022, respectively, and a $29 million asset and $15 million asset for agency mortgage-backed commercial securities at December 31, 2023, and December 31, 2022. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 21 for additional information. (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 21 for additional information. (c) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million at both December 31, 2023, and December 31, 2022. (d) Investment securities with a fair value of $4.7 billion and $3.9 billion were pledged as collateral at December 31, 2023, and December 31, 2022, respectively. This primarily included $3.3 billion and $3.0 billion pledged to secure advances from the FHLB at December 31, 2023, and December 31, 2022, respectively. This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $1.4 billion and $899 million of the underlying available-for-sale securities at December 31, 2023, and December 31, 2022, respectively. (e) Totals do not include accrued interest receivable, which was $76 million and $91 million at December 31, 2023, and December 31, 2022, respectively. Accrued interest receivable is included in other assets (f) There was no allowance for credit losses recorded at both December 31, 2023, or December 31, 2022, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities. (g) Totals do not include accrued interest receivable, which was $13 million and $2 million at December 31, 2023, and December 31, 2022, respectively. Accrued interest receivable is included in other assets on our Consolidated Balance Sheet. In the fourth quarter of 2023, non-agency mortgage-backed residential securities with a fair value of $3.6 billion were transferred from available-for-sale to held-to-maturity. At the time of the transfer, $911 million of unrealized losses were retained in accumulated other comprehensive loss on our Consolidated Balance Sheet. The transfer of these securities to held-to-maturity reduces our exposure to fluctuations in accumulated other comprehensive loss on our Consolidated Balance Sheet that can result from unrealized losses on available-for-sale securities due to changes in market interest rates. The unrealized loss at the time of transfer is amortized over the remaining life of the security, offsetting the amortization of the security’s premium or discount, and resulting in no impact to the Consolidated Statement of Income. Refer to Note 18 for additional information. The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield December 31, 2023 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,075 1.6 % $ 215 0.9 % $ 1,120 1.5 % $ 740 1.9 % $ — — % U.S. States and political subdivisions 658 3.2 4 3.4 55 2.7 110 3.6 489 3.1 Foreign government 183 2.3 20 1.3 82 2.4 81 2.5 — — Agency mortgage-backed residential (b) 15,384 2.6 — — 10 1.9 32 2.5 15,342 2.6 Mortgage-backed residential 225 2.7 — — — — — — 225 2.7 Agency mortgage-backed commercial (b) 3,758 2.3 — — 163 3.8 1,641 2.4 1,954 2.1 Asset-backed 332 1.7 — — 327 1.7 4 3.9 1 2.7 Corporate debt 1,800 2.7 210 2.4 915 2.6 671 2.9 4 6.2 Total available-for-sale securities $ 24,415 2.5 $ 449 1.7 $ 2,672 2.1 $ 3,279 2.4 $ 18,015 2.5 Amortized cost of available-for-sale securities $ 28,416 $ 461 $ 2,844 $ 3,746 $ 21,365 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 999 2.8 % $ — — % $ — — % $ — — % $ 999 2.8 % Mortgage-backed residential 3,603 2.8 — — — — 12 3.0 3,591 2.8 Asset-backed retained notes 78 5.6 1 5.6 41 5.6 2 6.0 34 5.6 Total held-to-maturity securities $ 4,680 2.8 $ 1 5.6 $ 41 5.6 $ 14 3.4 $ 4,624 2.8 December 31, 2022 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,016 1.6 % $ — — % $ 716 1.3 % $ 1,300 1.7 % $ — — % U.S. States and political subdivisions 760 3.2 26 2.7 60 2.7 112 3.3 562 3.2 Foreign government 146 1.8 13 0.8 74 1.8 59 1.9 — — Agency mortgage-backed residential (b) 16,633 2.6 — — — — 27 2.0 16,606 2.6 Mortgage-backed residential 4,299 2.8 — — — — 14 2.9 4,285 2.8 Agency mortgage-backed commercial (b) 3,535 2.2 — — 66 3.1 1,234 2.1 2,235 2.1 Asset-backed 433 1.7 — — 401 1.7 25 1.8 7 3.5 Corporate debt 1,719 2.4 86 2.4 912 2.3 705 2.6 16 4.9 Total available-for-sale securities $ 29,541 2.5 $ 125 2.3 $ 2,229 1.9 $ 3,476 2.1 $ 23,711 2.6 Amortized cost of available-for-sale securities $ 34,863 $ 126 $ 2,403 $ 4,048 $ 28,286 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,062 2.8 % $ — — % $ — — % $ — — % $ 1,062 2.8 % Total held-to-maturity securities $ 1,062 2.8 $ — — $ — — $ — — $ 1,062 2.8 (a) Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses. (b) Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $46 million asset and a $12 million liability for agency mortgage-backed residential securities at December 31, 2023, and December 31, 2022, respectively, and a $29 million asset and $15 million asset for agency mortgage-backed commercial securities at December 31, 2023, and December 31, 2022. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 21 for additional information. The balances of cash equivalents were $36 million and $18 million at December 31, 2023, and December 31, 2022, respectively, and were composed primarily of money-market funds and short-term securities. The following table presents interest and dividends on investment securities. Year ended December 31, ($ in millions) 2023 2022 2021 Taxable interest $ 938 $ 765 $ 533 Taxable dividends 20 17 27 Interest and dividends exempt from U.S. federal income tax 22 22 19 Interest and dividends on investment securities $ 980 $ 804 $ 579 The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period. Year ended December 31, ($ in millions) 2023 2022 2021 Available-for-sale securities Gross realized gains $ 5 $ 23 $ 102 Net realized gain on available-for-sale securities 5 23 102 Net realized gain on equity securities 32 72 190 Net unrealized gain (loss) on equity securities 107 (215) (7) Other gain (loss) on investments, net $ 144 $ (120) $ 285 The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of December 31, 2023, and December 31, 2022. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both December 31, 2023, and December 31, 2022. We have not recorded any interest income reversals on our held-to-maturity securities during the years ended December 31, 2023, or 2022 . December 31, ($ in millions) AAA AA A BBB Total (a) 2023 Debt securities Agency mortgage-backed residential $ — $ 999 $ — $ — $ 999 Mortgage-backed residential 3,497 93 13 — 3,603 Asset-backed retained notes 73 2 2 1 78 Total held-to-maturity securities $ 3,570 $ 1,094 $ 15 $ 1 $ 4,680 2022 Debt securities Agency mortgage-backed residential $ — $ 1,062 $ — $ — $ 1,062 Total held-to-maturity securities $ — $ 1,062 $ — $ — $ 1,062 (a) Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1. As of December 31, 2023, and December 31, 2022, we did not have the intent to sell the available-for-sale securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the years ended December 31, 2023, or 2022. 2023 2022 Less than 12 months 12 months or longer Less than 12 months 12 months or longer December 31, ($ in millions) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ — $ — $ 2,075 $ (209) $ 529 $ (68) $ 1,487 $ (188) U.S. States and political subdivisions 70 — 501 (70) 547 (55) 135 (27) Foreign government 16 — 134 (8) 75 (4) 71 (8) Agency mortgage-backed residential (a) 300 (5) 15,015 (2,734) 7,472 (892) 8,978 (2,146) Mortgage-backed residential — — 225 (43) 1,985 (289) 2,287 (566) Agency mortgage-backed commercial (a) 153 (4) 3,472 (779) 996 (124) 2,535 (721) Asset-backed 18 — 302 (12) 162 (4) 272 (22) Corporate debt 33 (1) 1,607 (145) 782 (67) 895 (146) Total available-for-sale securities $ 590 $ (10) $ 23,331 $ (4,000) $ 12,548 $ (1,503) $ 16,660 $ (3,824) (a) Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at December 31, 2023, and December 31, 2022. The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 21 for additional information. |
Finance Receivables and Loans,
Finance Receivables and Loans, Net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Finance Receivables and Loans, Net | Finance Receivables and Loans, Net The composition of finance receivables and loans reported at amortized cost basis was as follows. December 31, ($ in millions) 2023 2022 Consumer automotive (a) $ 84,320 $ 83,286 Consumer mortgage Mortgage Finance (b) 18,442 19,445 Mortgage — Legacy (c) 225 290 Total consumer mortgage 18,667 19,735 Consumer other Personal Lending (d) (e) — 1,990 Credit Card 1,990 1,599 Total consumer other 1,990 3,589 Total consumer 104,977 106,610 Commercial Commercial and industrial Automotive 18,700 14,595 Other 9,712 9,154 Commercial real estate 6,050 5,389 Total commercial 34,462 29,138 Total finance receivables and loans (f) (g) $ 139,439 $ 135,748 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 21 for additional information. (b) Includes loans originated as interest-only mortgage loans of $2 million and $3 million at December 31, 2023, and December 31, 2022, respectively, of which all have exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $13 million and $17 million at December 31, 2023, and December 31, 2022, respectively, of which all have exited the interest-only period. (d) Personal Lending finance receivables and loans, net were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. Refer to Note 2 for additional information. (e) Includes $3 million of finance receivables at December 31, 2022, for which we have elected the fair value option. (f) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both December 31, 2023, and 2022. (g) Totals do not include accrued interest receivable, which was $853 million and $707 million at December 31, 2023, and December 31, 2022, respectively. Accrued interest receivable is included in other assets on our Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net. The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the years ended December 31, 2023, and 2022, respectively. ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at January 1, 2023 $ 3,020 $ 27 $ 426 $ 238 $ 3,711 Charge-offs (b) (2,284) (3) (303) (130) (2,720) Recoveries 793 9 25 6 833 Net charge-offs (1,491) 6 (278) (124) (1,887) Write-downs from transfers to held-for-sale (c) (d) (41) — (174) — (215) Provision for credit losses (e) 1,595 (11) 319 76 1,979 Other — (1) — — (1) Allowance at December 31, 2023 $ 3,083 $ 21 $ 293 $ 190 $ 3,587 (a) Excludes $3 million of finance receivables and loans at January 1, 2023, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 for information regarding our charge-off policies. (c) Consumer automotive includes a $41 million reduction of allowance from the sales of retained interests related to securitizations during 2023, resulting in the deconsolidation of the assets and liabilities from our Consolidated Balance Sheet. Refer to Note 11 for further information. (d) Consumer other includes a $174 million reduction of allowance from transfers to held-for-sale related to Personal Lending. Refer to Note 2 for further information. (e) Excludes $11 million of benefit for credit losses related to our reserve for unfunded commitments. The remaining liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Consolidated Balance Sheet, excluding $5 million related to Personal Lending, which was transferred to liabilities of operations held-for-sale as of December 31, 2023. Refer to Note 2 for further information. ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at January 1, 2022 $ 2,769 $ 27 $ 221 $ 250 $ 3,267 Charge-offs (b) (1,434) (3) (133) (58) (1,628) Recoveries 649 12 12 3 676 Net charge-offs (785) 9 (121) (55) (952) Provision for credit losses (c) 1,036 (8) 326 42 1,396 Other — (1) — 1 — Allowance at December 31, 2022 $ 3,020 $ 27 $ 426 $ 238 $ 3,711 (a) Excludes $7 million and $3 million of finance receivables and loans at January 1, 2022, and December 31, 2022, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 for information regarding our charge-off policies. (c) Excludes $3 million of provision for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Consolidated Balance Sheet. The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value. Year ended December 31, ($ in millions) 2023 2022 Consumer automotive $ 1,667 $ 23 Consumer mortgage — 4 Consumer other (a) 1,940 — Commercial 132 — Total sales and transfers $ 3,739 $ 27 (a) Consists of personal lending finance receivables and loans. These were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Year ended December 31, ($ in millions) 2023 2022 Consumer automotive $ 3,861 $ 4,092 Consumer mortgage 21 2,781 Commercial 10 18 Total purchases of finance receivables and loans (a) $ 3,892 $ 6,891 (a) Excludes $12 million of financial receivables and loans purchased during the year ended December 31, 2022, for which we have elected the fair value option. Nonaccrual Loans The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of December 31, 2023, and December 31, 2022. December 31, 2023 ($ in millions) Nonaccrual status at Jan. 1, 2023 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,187 $ 1,129 $ 531 Consumer mortgage Mortgage Finance 34 41 21 Mortgage — Legacy 15 13 12 Total consumer mortgage 49 54 33 Consumer other Personal Lending (b) 13 — — Credit Card 43 92 — Total consumer other 56 92 — Total consumer 1,292 1,275 564 Commercial Commercial and industrial Automotive 5 18 13 Other 157 98 5 Commercial real estate — 3 3 Total commercial 162 119 21 Total finance receivables and loans (c) $ 1,454 $ 1,394 $ 585 (a) Represents a component of nonaccrual status at end of period. (b) Personal Lending finance receivables and loans were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. Refer to Note 2 for additional information. (c) We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $16 million for the year ended December 31, 2023. December 31, 2022 ($ in millions) Nonaccrual status at Jan. 1, 2022 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,078 $ 1,187 $ 445 Consumer mortgage Mortgage Finance 59 34 25 Mortgage — Legacy 26 15 14 Total consumer mortgage 85 49 39 Consumer other Personal Lending 5 13 — Credit Card 11 43 — Total consumer other 16 56 — Total consumer 1,179 1,292 484 Commercial Commercial and industrial Automotive 33 5 2 Other 221 157 33 Commercial real estate 3 — — Total commercial 257 162 35 Total finance receivables and loans (b) $ 1,436 $ 1,454 $ 519 (a) Represents a component of nonaccrual status at end of period. (b) We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $13 million for the year ended December 31, 2022. Credit Quality Indicators We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan. The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year. Origination year Revolving loans converted to term December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Consumer automotive Current $ 30,677 $ 23,699 $ 14,209 $ 6,132 $ 3,306 $ 1,876 $ — $ — $ 79,899 30–59 days past due 539 1,041 739 270 181 122 — — 2,892 60–89 days past due 170 443 303 109 68 45 — — 1,138 90 or more days past due 64 167 122 44 32 28 — — 457 Total consumer automotive (a) 31,450 25,350 15,373 6,555 3,587 2,071 — — 84,386 Consumer mortgage Mortgage Finance Current 152 2,170 10,374 1,836 747 3,073 — — 18,352 30–59 days past due 1 8 14 3 3 20 — — 49 60–89 days past due — 2 4 3 — 5 — — 14 90 or more days past due — 1 4 1 2 19 — — 27 Total Mortgage Finance 153 2,181 10,396 1,843 752 3,117 — — 18,442 Mortgage — Legacy Current — — — — — 51 142 17 210 30–59 days past due — — — — — 3 — 1 4 60–89 days past due — — — — — 1 1 — 2 90 or more days past due — — — — — 6 2 1 9 Total Mortgage — Legacy — — — — — 61 145 19 225 Total consumer mortgage 153 2,181 10,396 1,843 752 3,178 145 19 18,667 Consumer other Credit Card Current — — — — — — 1,828 — 1,828 30–59 days past due — — — — — — 39 — 39 60–89 days past due — — — — — — 34 — 34 90 or more days past due — — — — — — 89 — 89 Total Credit Card — — — — — — 1,990 — 1,990 Total consumer other (b) — — — — — — 1,990 — 1,990 Total consumer $ 31,603 $ 27,531 $ 25,769 $ 8,398 $ 4,339 $ 5,249 $ 2,135 $ 19 $ 105,043 (a) Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $66 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 21 for additional information. (b) Excludes Personal Lending finance receivables and loans, which were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. Refer to Note 2 for additional information. Origination year Revolving loans converted to term December 31, 2022 ($ in millions) 2022 2021 2020 2019 2018 2017 and prior Revolving loans Total Consumer automotive Current $ 36,127 $ 22,102 $ 10,341 $ 6,451 $ 3,237 $ 1,890 $ — $ — $ 80,148 30–59 days past due 707 878 370 284 165 120 — — 2,524 60–89 days past due 207 324 135 99 55 38 — — 858 90 or more days past due 73 111 47 38 23 24 — — 316 Total consumer automotive (a) 37,114 23,415 10,893 6,872 3,480 2,072 — — 83,846 Consumer mortgage Mortgage Finance Current 2,292 10,893 1,946 815 577 2,805 — — 19,328 30–59 days past due 15 29 4 3 4 26 — — 81 60–89 days past due 2 4 — 1 1 3 — — 11 90 or more days past due — 1 — 2 8 14 — — 25 Total Mortgage Finance 2,309 10,927 1,950 821 590 2,848 — — 19,445 Mortgage — Legacy Current — — — — — 62 191 18 271 30–59 days past due — — — — — 4 1 — 5 60–89 days past due — — — — — — — 1 1 90 or more days past due — — — — — 8 3 2 13 Total Mortgage — Legacy — — — — — 74 195 21 290 Total consumer mortgage 2,309 10,927 1,950 821 590 2,922 195 21 19,735 Consumer other Personal Lending Current 1,492 392 48 5 1 — — — 1,938 30–59 days past due 14 6 1 — — — — — 21 60–89 days past due 9 5 1 — — — — — 15 90 or more days past due 8 5 — — — — — — 13 Total Personal Lending (b) 1,523 408 50 5 1 — — — 1,987 Credit Card Current — — — — — — 1,518 — 1,518 30–59 days past due — — — — — — 22 — 22 60–89 days past due — — — — — — 18 — 18 90 or more days past due — — — — — — 41 — 41 Total Credit Card — — — — — — 1,599 — 1,599 Total consumer other 1,523 408 50 5 1 — 1,599 — 3,586 Total consumer $ 40,946 $ 34,750 $ 12,893 $ 7,698 $ 4,071 $ 4,994 $ 1,794 $ 21 $ 107,167 (a) Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $560 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2022. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 21 for additional information. (b) Excludes $3 million of finance receivables at December 31, 2022, for which we have elected the fair value option. We evaluate the credit quality of our commercial loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. We use the following definitions for risk rankings below Pass. • Special mention — Loans that have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date. • Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. These loans have a well-defined weakness or weakness that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful — Loans that have all the weaknesses inherent in those classified as substandard, with the additional characteristic that the weaknesses make collection or liquidation in full, based on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss — Loans that are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. The regulatory risk classification utilized is influenced by internal credit risk ratings, which are based on a variety of factors. A borrower’s internal credit risk rating is updated at least annually, and more frequently when a borrower’s credit profile changes, including when we become aware of potential credit deterioration. The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year. Origination year Revolving loans converted to term December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Commercial Commercial and industrial Automotive Pass $ 509 $ 512 $ 165 $ 97 $ 58 $ 22 $ 16,446 $ — $ 17,809 Special mention 6 7 30 1 1 14 723 — 782 Substandard — 1 — — — — 44 — 45 Doubtful — — — — — 1 63 — 64 Total automotive 515 520 195 98 59 37 17,276 — 18,700 Other Pass 331 646 343 405 266 180 6,202 173 8,546 Special mention — 208 188 206 51 85 198 25 961 Substandard — — 46 3 — 83 25 11 168 Doubtful — — — — — 26 10 — 36 Loss — — — — 1 — — — 1 Total other 331 854 577 614 318 374 6,435 209 9,712 Commercial real estate Pass 971 1,452 1,129 884 607 811 100 26 5,980 Special mention 3 16 28 1 18 — — — 66 Substandard — 3 — — — 1 — — 4 Total commercial real estate 974 1,471 1,157 885 625 812 100 26 6,050 Total commercial $ 1,820 $ 2,845 $ 1,929 $ 1,597 $ 1,002 $ 1,223 $ 23,811 $ 235 $ 34,462 Origination year Revolving loans converted to term December 31, 2022 ($ in millions) 2022 2021 2020 2019 2018 2017 and prior Revolving loans Total Commercial Commercial and industrial Automotive Pass $ 640 $ 211 $ 132 $ 78 $ 28 $ 34 $ 12,327 $ — $ 13,450 Special mention 23 47 — — 10 21 1,016 — 1,117 Substandard — — — 1 — — 27 — 28 Total automotive 663 258 132 79 38 55 13,370 — 14,595 Other Pass 594 469 607 419 54 133 5,344 89 7,709 Special mention 177 158 175 95 47 128 278 35 1,093 Substandard — — 4 51 — 139 55 13 262 Doubtful — — — 64 — 25 — — 89 Loss — — — — — — 1 — 1 Total other 771 627 786 629 101 425 5,678 137 9,154 Commercial real estate Pass 1,481 1,118 951 679 369 716 9 13 5,336 Special mention — 32 2 19 — — — — 53 Total commercial real estate 1,481 1,150 953 698 369 716 9 13 5,389 Total commercial $ 2,915 $ 2,035 $ 1,871 $ 1,406 $ 508 $ 1,196 $ 19,057 $ 150 $ 29,138 The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis. ($ in millions) 30–59 days past due 60–89 days past due 90 days or more past due Total past due Current Total finance receivables and loans December 31, 2023 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 18,700 $ 18,700 Other 2 — 3 5 9,707 9,712 Commercial real estate — — — — 6,050 6,050 Total commercial $ 2 $ — $ 3 $ 5 $ 34,457 $ 34,462 December 31, 2022 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 14,595 $ 14,595 Other — 1 2 3 9,151 9,154 Commercial real estate — — — — 5,389 5,389 Total commercial $ — $ 1 $ 2 $ 3 $ 29,135 $ 29,138 The following table presents gross charge-offs of our finance receivables and loans for each portfolio class by origination year that occurred during the year ended December 31, 2023. Refer to Note 1 for additional information on our charge-off policy. Origination year Revolving loans converted to term Year ended December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Consumer automotive (a) $ 225 $ 952 $ 651 $ 194 $ 142 $ 120 $ — $ — $ 2,284 Consumer mortgage Mortgage Finance — — — — — 1 — — 1 Mortgage — Legacy — — — — — 2 — — 2 Total consumer mortgage — — — — — 3 — — 3 Consumer other Personal Lending (b) 14 82 29 3 — — — — 128 Credit Card — — — — — — 165 10 175 Total consumer other 14 82 29 3 — — 165 10 303 Total consumer 239 1,034 680 197 142 123 165 10 2,590 Commercial Commercial and industrial Automotive — — — — — 5 19 — 24 Other — — — — 79 23 4 — 106 Total commercial — — — — 79 28 23 — 130 Total finance receivables and loans $ 239 $ 1,034 $ 680 $ 197 $ 221 $ 151 $ 188 $ 10 $ 2,720 (a) Excludes $41 million of write-downs from transfers to held-for-sale from the sales of retained interests related to securitizations during 2023, resulting in the deconsolidation of the assets and liabilities from our Consolidated Balance Sheet. Refer to Note 11 for additional information. (b) Excludes $174 million of write-downs from the transfer to held-for-sale related to Personal Lending. Refer to Note 2 for additional information. Loan Modifications The following table presents the amortized cost basis of loans that were modified subsequent to origination during the year ended December 31, 2023, for each portfolio segment, by modification type. For additional information on loan modification types in scope of this disclosure, refer to Note 1. The below table excludes consumer mortgage finance receivables and loans currently enrolled in a trial modification program. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. If the borrower successfully completes the trial loan modification program, the contractual terms of the loan are updated and the modification is considered permanent. As of December 31, 2023, there were $5 million of consumer mortgage finance receivables and loans in a trial modification program. Payment extensions Year ended December 31, 2023 ($ in millions) Payment deferrals (a) Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total (b) Consumer automotive $ — $ 234 $ 13 $ — $ 28 $ 275 Consumer mortgage Mortgage Finance — 3 — — 3 6 Mortgage — Legacy — 1 — — 1 2 Total consumer mortgage — 4 — — 4 8 Consumer other Credit Card — — — 13 — 13 Total consumer other — — — 13 — 13 Total consumer — 238 13 13 32 296 Commercial Commercial and industrial Other 36 46 — — — 82 Total commercial 36 46 — — — 82 Total finance receivables and loans $ 36 $ 284 $ 13 $ 13 $ 32 $ 378 (a) Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the year ended December 31, 2023. (b) Represents 0.3% of total finance receivables and loans outstanding as of December 31, 2023. Total commitments to lend additional funds to borrowers whose loans were modified during the year ended December 31, 2023, was $6 million as of December 31, 2023. The following table presents the financial effect of loan modifications that occurred during the year ended December 31, 2023. Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) (c) Year ended December 31, 2023 ($ in millions) Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate Consumer automotive 29 $ 3 — % — % 74 86 10.3 % 9.5 % Consumer mortgage Mortgage Finance 154 — — — 307 472 4.7 3.3 Mortgage — Legacy 76 — — — 174 283 2.7 2.0 Total consumer mortgage 132 — — — 286 442 4.4 3.1 Consumer other Credit Card — — 30.0 8.0 — — — — Total consumer other — $ — 30.0 8.0 — — — — Commercial Commercial and industrial Other (d) 15 $ — — % — % — — — % — % Total commercial 15 $ — — — — — — — (a) Calculated using a weighted-average balance for each portfolio class. (b) Term is presented in number of months. (c) Some consumer mortgage combination loan modifications include deferrals of principal. The weighted average number of months deferred for these loans was 207 months. (d) Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the year ended December 31, 2023. The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that have been modified during the year ended December 31, 2023. Year ended December 31, 2023 ($ in millions) Current 30–59 days past due 60–89 days past due 90 or more days past due (a) Total Consumer automotive Contractual maturity extensions $ 202 $ 24 $ 7 $ 1 $ 234 Principal forgiveness 7 1 — 5 13 Combination 25 2 — 1 28 Total consumer automotive 234 27 7 7 275 Consumer mortgage Mortgage Finance Contractual maturity extensions 3 — — — 3 Combination 1 — — 2 3 Total Mortgage Finance 4 — — 2 6 Mortgage — Legacy Contractual maturity extensions 1 — — — 1 Combination 1 — — — 1 Total Mortgage — Legacy 2 — — — 2 Total consumer mortgage 6 — — 2 8 Consumer other Credit Card Interest rate concessions 7 2 1 3 13 Total consumer other 7 2 1 3 13 Total consumer $ 247 $ 29 $ 8 $ 12 $ 296 (a) Includes 235 consumer automotive loans with a total amortized cost of $5 million and 1 consumer mortgage loan with a total amortized cost of $2 million that redefaulted during the year ended December 31, 2023. Year ended December 31, 2023 ($ in millions) Pass Special mention Substandard Doubtful Total Commercial and industrial Other Payment deferrals (a) $ — $ — $ — $ 36 $ 36 Contractual maturity extensions 34 7 5 — 46 Total commercial $ 34 $ 7 $ 5 $ 36 $ 82 (a) Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the year ended December 31, 2023. Troubled Debt Restructuring Disclosures Prior to the Adoption of ASU 2022-02 The adoption of ASU 2022-02 eliminated TDR recognition and measurement guidance, as well as all TDR-related disclosures. Refer to Note 1 for additional information. TDRs were loan modifications where concessions were granted to borrowers experiencing financial difficulties. Total TDRs recorded at amortized cost were $2.4 billion at both December 31, 2022, and December 31, 2021. Total commitments to lend additional funds to borrowers whose terms had been modified in a TDR were $61 million and $18 million at December 31, 2022, and December 31, 2021, respectively. The following tables present information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period. Year ended December 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis 2022 Consumer automotive 49,773 $ 831 $ 805 Consumer mortgage Mortgage Finance 18 12 12 Mortgage — Legacy 13 1 1 Total consumer mortgage 31 13 13 Consumer other Credit Card 2,853 5 5 Total consumer other 2,853 5 5 Total consumer 52,657 849 823 Commercial Commercial and industrial Other 5 461 466 Total commercial 5 461 466 Total finance receivables and loans 52,662 $ 1,310 $ 1,289 Year ended December 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis 2021 Consumer automotive 77,991 $ 1,395 $ 1,371 Consumer mortgage Mortgage Finance 38 22 22 Mortgage — Legacy 16 2 2 Total consumer mortgage 54 24 24 Consumer other Credit Card 113 — — Total consumer other 113 — — Total consumer 78,158 1,419 1,395 Commercial Commercial and industrial Automotive 1 2 2 Other 1 33 33 Commercial real estate 2 4 4 Total commercial 4 39 39 Total finance receivables and loans 78,162 $ 1,458 $ 1,434 The following table presents information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy except for commercial finance receivables and loans, where redefault is defined as 90 days past due. Year ended December 31, ($ in millions) Number of loans Amortized cost Charge-off amount 2022 Consumer automotive 9,227 $ 143 $ 64 Consumer mortgage Mortgage Finance 4 2 — Total consumer mortgage 4 2 — Consumer Other Credit Card 457 — — Total consumer other 457 — — Total consumer 9,688 145 64 Commercial Commercial and industrial Other 1 1 31 Total commercial 1 1 31 Total finance receivables and loans 9,689 $ 146 $ 95 2021 Consumer automotive 9,295 $ 119 $ 61 Consumer mortgage Mortgage Finance 1 — — Mortgage — Legacy 4 — — Total consumer mortgage 5 — — Total consumer finance receivables and loans 9,300 119 61 Total finance receivables and loans 9,300 $ 119 $ 61 Concentration Risk Consumer We monitor our consumer loan portfolio for concentration risk across the states in which we lend. The highest concentrations of consumer loans are in California and Texas, which represented an aggregate of 26.4% and 26.5% of our total consumer finance receivables and loans at December 31, 2023, and December 31, 2022, respectively. The following table shows the percentage of consumer automotive, consumer mortgage, and consumer other finance receivables and loans by state concentration based on amortized cost. 2023 (a) 2022 December 31, Consumer automotive Consumer mortgage Consumer other (b) Consumer automotive Consumer mortgage Consumer other (c) California 8.5 % 39.2 % 9.4 % 8.7 % 38.8 % 8.4 % Texas 13.7 7.3 7.6 13.6 7.3 7.7 Florida 9.5 6.5 9.0 9.5 6.6 7.8 Pennsylvania 4.5 2.1 4.2 4.5 2.1 4.6 Georgia 4.1 2.9 3.7 4.1 2.9 3.5 North Carolina 4.3 1.9 2.9 4.1 1.9 4.6 New York 3.7 1.9 5.4 3.6 1.9 4.8 Illinois 3.3 2.8 4.6 3.5 2.8 4.3 New Jersey 3.2 2.4 3.7 3.2 2.4 3.6 Ohio 3.4 0.4 4.5 3.4 0.4 3.6 Other United States 41.8 32.6 45.0 41.8 32.9 47.1 Total consumer loans 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (a) Presentation is in descending order as a percentage of total consumer finance receivables and loans at December 31, 2023. (b) Excludes Personal Lending finance receivables and loans, which were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. Refer to Note 2 for additional information. (c) Excludes $3 million of finance receivables at December 31, 2022, for which we have elected the fair value option. Commercial Real Estate The commercial real estate portfolio consists of finance receivables and loans issued primarily to automotive dealers. The following table presents the percentage of total commercial real estate finance receivables and loans by state concentration based on amortized cost. December 31, 2023 2022 Florida 17.6 % 17.9 % Texas 13.6 14.9 California 7.9 8.4 Ohio 5.9 4.2 Michigan 5.4 4.2 North Carolina 5.0 5.3 New York 4.5 6.3 Tennessee 3.7 1.2 Georgia 3.0 3.1 Missouri 2.8 2.6 Other United States 30.6 31.9 Total commercial real estate finance receivables and loans 100.0 % 100.0 % Commercial Criticized Exposure Finance receivables and loans classified as special mention, substandard, or doubtful are reported as criticized. These classifications are based on regulatory definitions and generally represent finance receivables and loans within our portfolio that have a higher default risk or have already defaulted. These finance receivables and loans require additional monitoring and review including specific actions to mitigate our potential loss. The following table presents the percentage of total commercial criticized finance receivables and loans by industry concentration based on amortized cost. December 31, 2023 2022 Industry Automotive 54.0 % 53.4 % Electronics 13.4 11.9 Services 12.8 6.5 Other 19.8 28.2 Total commercial criticized finance receivables and loans 100.0 % 100.0 % |
Leasing
Leasing | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leasing | Leasing Ally as the Lessee We have operating leases for certain of our corporate facilities, which have remaining lease terms of 2 months to 7 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the years ended December 31, 2023, and December 31, 2022, we paid $33 million and $38 million in cash for amounts included in the measurement of lease liabilities at December 31, 2023, and December 31, 2022, respectively. These amounts are included in net cash provided by operating activities in the Consolidated Statement of Cash Flows. During the years ended December 31, 2023, and December 31, 2022, we obtained $10 million and $41 million, respectively, of ROU assets in exchange for new lease liabilities. As of December 31, 2023, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 2.85%, compared to 5 years and 2.57% as of December 31, 2022. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of December 31, 2023, and that have noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 34 2025 29 2026 22 2027 17 2028 15 2029 and thereafter 3 Total undiscounted cash flows 120 Difference between undiscounted cash flows and discounted cash flows (7) Total lease liability $ 113 The following table details the components of total net operating lease expense. Year ended December 31, ($ in millions) 2023 2022 2021 Operating lease expense $ 29 $ 33 $ 46 Variable lease expense 5 4 7 Total lease expense, net (a) $ 34 $ 37 $ 53 (a) Included in other operating expenses in our Consolidated Statement of Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which generally range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Consolidated Statement of Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Consolidated Statement of Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of December 31, 2023, and December 31, 2022, consumer operating leases with a carrying value, net of accumulated depreciation, of $12 million and $56 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. Year ended December 31, ($ in millions) 2023 2022 Vehicles $ 11,101 $ 12,304 Accumulated depreciation (1,930) (1,860) Investment in operating leases, net $ 9,171 $ 10,444 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 1,304 2025 820 2026 382 2027 70 2028 4 Total lease payments from operating leases $ 2,580 We recognized operating lease revenue of $1.6 billion for each of the years ended December 31, 2023, 2022, and 2021. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Year ended December 31, ($ in millions) 2023 2022 2021 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 1,071 $ 1,084 $ 914 Remarketing gains, net (211) (170) (344) Net depreciation expense on operating lease assets $ 860 $ 914 $ 570 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $9 million during the year ended December 31, 2023, $7 million during the year ended December 31, 2022, and $16 million during the year ended December 31, 2021 . Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Consolidated Balance Sheet was $537 million and $481 million as of December 31, 2023, and December 31, 2022, respectively. This includes lease payment receivables of $531 million and $468 million at December 31, 2023, and December 31, 2022, respectively, and unguaranteed residual assets of $6 million at December 31, 2023, and $13 million at December 31, 2022. Interest income on finance lease receivables was $40 million for the year ended December 31, 2023, and $30 million for the year ended December 31, 2022, and is included in interest and fees on finance receivables and loans in our Consolidated Statement of Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 193 2025 163 2026 140 2027 73 2028 33 2029 and thereafter 11 Total undiscounted cash flows 613 Difference between undiscounted cash flows and discounted cash flows (82) Present value of lease payments recorded as lease receivable $ 531 |
Leasing | Leasing Ally as the Lessee We have operating leases for certain of our corporate facilities, which have remaining lease terms of 2 months to 7 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the years ended December 31, 2023, and December 31, 2022, we paid $33 million and $38 million in cash for amounts included in the measurement of lease liabilities at December 31, 2023, and December 31, 2022, respectively. These amounts are included in net cash provided by operating activities in the Consolidated Statement of Cash Flows. During the years ended December 31, 2023, and December 31, 2022, we obtained $10 million and $41 million, respectively, of ROU assets in exchange for new lease liabilities. As of December 31, 2023, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 2.85%, compared to 5 years and 2.57% as of December 31, 2022. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of December 31, 2023, and that have noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 34 2025 29 2026 22 2027 17 2028 15 2029 and thereafter 3 Total undiscounted cash flows 120 Difference between undiscounted cash flows and discounted cash flows (7) Total lease liability $ 113 The following table details the components of total net operating lease expense. Year ended December 31, ($ in millions) 2023 2022 2021 Operating lease expense $ 29 $ 33 $ 46 Variable lease expense 5 4 7 Total lease expense, net (a) $ 34 $ 37 $ 53 (a) Included in other operating expenses in our Consolidated Statement of Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which generally range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Consolidated Statement of Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Consolidated Statement of Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of December 31, 2023, and December 31, 2022, consumer operating leases with a carrying value, net of accumulated depreciation, of $12 million and $56 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. Year ended December 31, ($ in millions) 2023 2022 Vehicles $ 11,101 $ 12,304 Accumulated depreciation (1,930) (1,860) Investment in operating leases, net $ 9,171 $ 10,444 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 1,304 2025 820 2026 382 2027 70 2028 4 Total lease payments from operating leases $ 2,580 We recognized operating lease revenue of $1.6 billion for each of the years ended December 31, 2023, 2022, and 2021. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Year ended December 31, ($ in millions) 2023 2022 2021 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 1,071 $ 1,084 $ 914 Remarketing gains, net (211) (170) (344) Net depreciation expense on operating lease assets $ 860 $ 914 $ 570 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $9 million during the year ended December 31, 2023, $7 million during the year ended December 31, 2022, and $16 million during the year ended December 31, 2021 . Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Consolidated Balance Sheet was $537 million and $481 million as of December 31, 2023, and December 31, 2022, respectively. This includes lease payment receivables of $531 million and $468 million at December 31, 2023, and December 31, 2022, respectively, and unguaranteed residual assets of $6 million at December 31, 2023, and $13 million at December 31, 2022. Interest income on finance lease receivables was $40 million for the year ended December 31, 2023, and $30 million for the year ended December 31, 2022, and is included in interest and fees on finance receivables and loans in our Consolidated Statement of Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 193 2025 163 2026 140 2027 73 2028 33 2029 and thereafter 11 Total undiscounted cash flows 613 Difference between undiscounted cash flows and discounted cash flows (82) Present value of lease payments recorded as lease receivable $ 531 |
Leasing | Leasing Ally as the Lessee We have operating leases for certain of our corporate facilities, which have remaining lease terms of 2 months to 7 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the years ended December 31, 2023, and December 31, 2022, we paid $33 million and $38 million in cash for amounts included in the measurement of lease liabilities at December 31, 2023, and December 31, 2022, respectively. These amounts are included in net cash provided by operating activities in the Consolidated Statement of Cash Flows. During the years ended December 31, 2023, and December 31, 2022, we obtained $10 million and $41 million, respectively, of ROU assets in exchange for new lease liabilities. As of December 31, 2023, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 2.85%, compared to 5 years and 2.57% as of December 31, 2022. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of December 31, 2023, and that have noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 34 2025 29 2026 22 2027 17 2028 15 2029 and thereafter 3 Total undiscounted cash flows 120 Difference between undiscounted cash flows and discounted cash flows (7) Total lease liability $ 113 The following table details the components of total net operating lease expense. Year ended December 31, ($ in millions) 2023 2022 2021 Operating lease expense $ 29 $ 33 $ 46 Variable lease expense 5 4 7 Total lease expense, net (a) $ 34 $ 37 $ 53 (a) Included in other operating expenses in our Consolidated Statement of Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which generally range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Consolidated Statement of Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Consolidated Statement of Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of December 31, 2023, and December 31, 2022, consumer operating leases with a carrying value, net of accumulated depreciation, of $12 million and $56 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. Year ended December 31, ($ in millions) 2023 2022 Vehicles $ 11,101 $ 12,304 Accumulated depreciation (1,930) (1,860) Investment in operating leases, net $ 9,171 $ 10,444 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 1,304 2025 820 2026 382 2027 70 2028 4 Total lease payments from operating leases $ 2,580 We recognized operating lease revenue of $1.6 billion for each of the years ended December 31, 2023, 2022, and 2021. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Year ended December 31, ($ in millions) 2023 2022 2021 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 1,071 $ 1,084 $ 914 Remarketing gains, net (211) (170) (344) Net depreciation expense on operating lease assets $ 860 $ 914 $ 570 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $9 million during the year ended December 31, 2023, $7 million during the year ended December 31, 2022, and $16 million during the year ended December 31, 2021 . Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Consolidated Balance Sheet was $537 million and $481 million as of December 31, 2023, and December 31, 2022, respectively. This includes lease payment receivables of $531 million and $468 million at December 31, 2023, and December 31, 2022, respectively, and unguaranteed residual assets of $6 million at December 31, 2023, and $13 million at December 31, 2022. Interest income on finance lease receivables was $40 million for the year ended December 31, 2023, and $30 million for the year ended December 31, 2022, and is included in interest and fees on finance receivables and loans in our Consolidated Statement of Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 193 2025 163 2026 140 2027 73 2028 33 2029 and thereafter 11 Total undiscounted cash flows 613 Difference between undiscounted cash flows and discounted cash flows (82) Present value of lease payments recorded as lease receivable $ 531 |
Leasing | Leasing Ally as the Lessee We have operating leases for certain of our corporate facilities, which have remaining lease terms of 2 months to 7 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the years ended December 31, 2023, and December 31, 2022, we paid $33 million and $38 million in cash for amounts included in the measurement of lease liabilities at December 31, 2023, and December 31, 2022, respectively. These amounts are included in net cash provided by operating activities in the Consolidated Statement of Cash Flows. During the years ended December 31, 2023, and December 31, 2022, we obtained $10 million and $41 million, respectively, of ROU assets in exchange for new lease liabilities. As of December 31, 2023, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 2.85%, compared to 5 years and 2.57% as of December 31, 2022. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of December 31, 2023, and that have noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 34 2025 29 2026 22 2027 17 2028 15 2029 and thereafter 3 Total undiscounted cash flows 120 Difference between undiscounted cash flows and discounted cash flows (7) Total lease liability $ 113 The following table details the components of total net operating lease expense. Year ended December 31, ($ in millions) 2023 2022 2021 Operating lease expense $ 29 $ 33 $ 46 Variable lease expense 5 4 7 Total lease expense, net (a) $ 34 $ 37 $ 53 (a) Included in other operating expenses in our Consolidated Statement of Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which generally range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Consolidated Statement of Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Consolidated Statement of Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of December 31, 2023, and December 31, 2022, consumer operating leases with a carrying value, net of accumulated depreciation, of $12 million and $56 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. Year ended December 31, ($ in millions) 2023 2022 Vehicles $ 11,101 $ 12,304 Accumulated depreciation (1,930) (1,860) Investment in operating leases, net $ 9,171 $ 10,444 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 1,304 2025 820 2026 382 2027 70 2028 4 Total lease payments from operating leases $ 2,580 We recognized operating lease revenue of $1.6 billion for each of the years ended December 31, 2023, 2022, and 2021. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Year ended December 31, ($ in millions) 2023 2022 2021 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 1,071 $ 1,084 $ 914 Remarketing gains, net (211) (170) (344) Net depreciation expense on operating lease assets $ 860 $ 914 $ 570 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $9 million during the year ended December 31, 2023, $7 million during the year ended December 31, 2022, and $16 million during the year ended December 31, 2021 . Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Consolidated Balance Sheet was $537 million and $481 million as of December 31, 2023, and December 31, 2022, respectively. This includes lease payment receivables of $531 million and $468 million at December 31, 2023, and December 31, 2022, respectively, and unguaranteed residual assets of $6 million at December 31, 2023, and $13 million at December 31, 2022. Interest income on finance lease receivables was $40 million for the year ended December 31, 2023, and $30 million for the year ended December 31, 2022, and is included in interest and fees on finance receivables and loans in our Consolidated Statement of Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 193 2025 163 2026 140 2027 73 2028 33 2029 and thereafter 11 Total undiscounted cash flows 613 Difference between undiscounted cash flows and discounted cash flows (82) Present value of lease payments recorded as lease receivable $ 531 |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Securitizations And Variable Interest Entities [Abstract] | |
Securitizations and Variable Interest Entities | Securitizations and Variable Interest Entities Overview We securitize, transfer, and service consumer automotive loans. We often securitize these loans (also referred to as financial assets) using SPEs. An SPE is a legal entity that is designed to fulfill a specified limited need of the sponsor. Our principal use of SPEs is to obtain liquidity by securitizing certain of our financial assets. SPEs are often VIEs and may or may not be included on our Consolidated Balance Sheet. Additionally, we opportunistically sell consumer automotive and credit card whole-loans to SPEs where we have a continuing involvement. Securitizations In executing a securitization, we typically sell pools of financial assets to a wholly owned, bankruptcy-remote SPE, which then transfers the financial assets to a separate, transaction-specific SPE for cash, and typically, other retained interests. The SPE is funded through the issuance of beneficial interests, which could take the form of notes or residual interests and can be sold to investors or retained by us. We typically hold retained beneficial interests in our securitizations including, but not limited to, retained notes, certificated residual interests, as well as certain noncertificated interests retained from the sale of automotive finance receivables. If sold, the beneficial interests only entitle the investors to specified cash flows generated from the underlying securitized assets. If retained, the interests provide credit enhancement to the SPE as they may absorb credit losses or other cash shortfalls and may represent a form of significant continuing economic interests. In addition to providing a source of liquidity and cost-efficient funding, securitizing these financial assets also reduces our credit exposure to the borrowers beyond any economic interest we may retain. The SPEs are limited to specific activities by their respective legal documents, but are generally allowed to acquire the financial assets, to issue beneficial interests to investors to fund the acquisition of the financial assets, and to enter into interest rate hedges to mitigate certain risks related to the financial assets or beneficial interests of the entity. A servicer, who is generally us, is appointed pursuant to the underlying legal documents to service the assets the SPE holds and the beneficial interests it issues. Servicing functions include, but are not limited to, general collections activity on current and noncurrent accounts, loss mitigation efforts including repossession and sale of collateral, as well as preparing and furnishing statements summarizing the asset and beneficial interest performance. These servicing responsibilities constitute continued involvement in the transferred financial assets. Cash flows from the securitized financial assets represent the sole source for payment of distributions on the beneficial interests issued by the SPE and for payments to the parties that perform services for the SPE, such as the servicer or the trustee. We generally hold certain conditional repurchase options specific to securitizations that allow us to repurchase assets from the securitization entity. The majority of the securitizations provide us, as servicer, with a call option that allows us to repurchase the remaining transferred financial assets or redeem outstanding beneficial interests at our discretion once the asset pool reaches a predefined level, which represents the point where servicing becomes administratively burdensome (a clean-up call option). The repurchase price is typically the securitization balance of the assets plus accrued interest when applicable. We generally have discretion regarding when or if we will exercise these options, but we would do so only when it is in our best interest. Other than our customary representation, warranty, and covenant provisions, these securitizations are nonrecourse to us, thereby transferring the risk of future credit losses to the extent the beneficial interests in the SPEs are held by third parties. Representation, warranty, and certain covenant provisions generally require us to repurchase assets or indemnify the investor or other party for incurred losses to the extent it is determined that the assets were ineligible or were otherwise defective at the time of sale, or otherwise not in compliance with the ongoing covenant obligations. We did not provide any noncontractual financial support to any of these entities during 2023, 2022, or 2021. Variable Interest Entities The VIEs included on the Consolidated Balance Sheet represent SPEs where we are deemed to be the primary beneficiary, primarily due to our servicing activities and our beneficial interests in the VIE that could be potentially significant. We determine whether we have a potentially significant beneficial interest in the VIE based on the consideration of both qualitative and quantitative factors regarding the nature, size, and form of our involvement in the VIE. The third-party investors in the obligations of consolidated VIEs have legal recourse only to the assets of the VIEs and do not have such recourse to us, except for the customary representation, warranty, and covenant provisions. In addition, the cash flows from the assets are restricted only to pay such liabilities. Thus, our economic exposure to loss from outstanding third-party financing related to consolidated VIEs is limited to the carrying value of the consolidated VIE assets. Generally, all assets of consolidated VIEs are restricted for the beneficial interest holders. For additional information regarding our significant accounting policies for consolidated VIEs, refer to the Variable Interest Entities and Securitizations section of Note 1. The nature, purpose, and activities of nonconsolidated SPEs are similar to those of our consolidated SPEs with the primary difference being the nature and extent of our continuing involvement. For nonconsolidated SPEs, the transferred financial assets are removed from our balance sheet provided the conditions for sale accounting are met. The financial assets obtained from the sale are primarily reported as cash or retained interests (if applicable). Liabilities incurred as part of these sales, are recorded at fair value at the time of sale and are reported as accrued expenses and other liabilities on our Consolidated Balance Sheet. Upon the sale of the loans, we recognize a gain or loss on sale for the difference between the assets recognized, the assets derecognized, and the liabilities recognized as part of the transaction. With respect to our ongoing right to service the assets we sell, the servicing fee we receive represents adequate compensation, and consequently, we do not recognize a servicing asset or liability. The pretax gain on sales of financial assets into nonconsolidated VIEs was $1 million for both the years ended December 31, 2023, and 2022. We had no pretax gains or losses on sales of financial assets into nonconsolidated VIEs during the year ended December 31, 2021. For additional information regarding our significant accounting policies for nonconsolidated VIEs, refer to the Variable Interest Entities and Securitizations section of Note 1. We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit. We are involved with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized low-income housing tax credits that are subject to recapture. The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Consolidated Balance Sheet. December 31, ($ in millions) Carrying value of total assets Carrying value of total liabilities Assets sold to nonconsolidated VIEs (a) Maximum exposure to loss in nonconsolidated VIEs 2023 On-balance sheet variable interest entities Consumer automotive $ 16,415 (b) $ 1,614 (c) $ — $ — Off-balance sheet variable interest entities Consumer automotive (d) (e) 81 (f) — 2,514 2,595 (g) Consumer other (h) — — 125 125 Commercial other 2,516 (i) 974 (j) — 2,738 (k) Total $ 19,012 $ 2,588 $ 2,639 $ 5,458 2022 On-balance sheet variable interest entities Consumer automotive $ 20,415 (b) $ 2,553 (c) $ — $ — Off-balance sheet variable interest entities Consumer automotive (e) — — 227 227 (g) Consumer other (h) — — 103 103 Commercial other 2,199 (i) 873 (j) — 2,767 (k) Total $ 22,614 $ 3,426 $ 330 $ 3,097 (a) Asset values represent the current unpaid principal balance of outstanding consumer automotive and credit card finance receivables and loans within the VIEs. (b) Includes $9.3 billion and $10.6 billion of assets that were not encumbered by VIE beneficial interests held by third parties at December 31, 2023, and December 31, 2022, respectively. Ally or consolidated affiliates hold the interests in these assets. (c) Includes $100 million and $113 million of liabilities that were not obligations to third-party beneficial interest holders at December 31, 2023, and December 31, 2022, respectively. (d) In November 2023, we sold retained interests related to on-balance sheet VIEs to an unrelated third party. As a result of these sales, we are no longer the primary beneficiary of the VIEs, and as such have deconsolidated the assets and liabilities from our Consolidated Balance Sheet, including $1.7 billion and $1.4 billion of consumer automotive loans and long-term debt, respectively. We received cash proceeds of $247 million related to these sales, and recognized no gain or loss. We will continue to service the assets previously transferred to the VIEs. (e) Includes activity where we sell loans through a pass through program to a third-party. (f) Represents retained notes and certificated residual interests, of which $78 million was classified as held-to-maturity securities at December 31, 2023, and $3 million was classified as other assets at December 31, 2023. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations. (g) Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss. (h) Represents balances from Ally Credit Card. (i) Amounts are classified as other assets except for $44 million and $38 million classified as equity securities at December 31, 2023, and December 31, 2022, respectively. (j) Amounts are classified as accrued expenses and other liabilities. (k) For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. Cash Flows with Nonconsolidated Special-Purpose Entities The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the years ended December 31, 2023, 2022, and 2021. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period. Year ended December 31, ($ in millions) 2023 2022 2021 Consumer automotive Cash proceeds from transfers completed during the period $ 1,131 $ 238 $ — Cash flows received on retained interests in securitization entities 4 — — Servicing fees 19 1 — Other cash flows 1 — — Consumer other (a) Cash proceeds from transfers completed during the period 117 137 4 Servicing fees 8 13 — Total $ 1,280 $ 389 $ 4 (a) Represents activity from Ally Credit Card. Delinquencies and Net Credit Losses The following tables present quantitative information about off-balance sheet securitizations and whole-loan sales where we have continuing involvement. Total amount Amount 60 days or more past due December 31, ($ in millions) 2023 2022 2023 2022 Off-balance-sheet securitization entities Consumer automotive $ 1,558 $ — $ 11 $ — Whole-loan sales (a) Consumer automotive 956 227 44 2 Consumer other 125 103 17 8 Total $ 2,639 $ 330 $ 72 $ 10 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors. Net credit losses Year ended December 31, ($ in millions) 2023 2022 Off-balance-sheet securitization entities Consumer automotive $ 2 $ — Whole-loan sales (a) Consumer automotive 27 — Consumer other 31 2 Total $ 60 $ 2 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors. Affordable Housing Investments We have investments in various limited partnerships that sponsor affordable housing projects, which meet the definition of a VIE. The purpose of these investments is to achieve a satisfactory return on capital through the receipt of LIHTC and to assist us in achieving goals associated with the CRA. Our affordable housing investments are accounted for using the proportional amortization method of accounting, which recognizes the amortized cost of the investment as a component of income tax expense. The following table summarizes information about our affordable housing investments. Year ended December 31, ($ in millions) 2023 2022 2021 Affordable housing tax credits and other tax benefits (a) $ 200 $ 177 $ 144 Tax credit amortization expense recognized as a component of income tax expense 157 147 118 (a) There were no impairment losses recognized during the years ended December 31, 2023, 2022, and 2021, resulting from the forfeiture or ineligibility of tax credits or other circumstances. Our investment in qualified affordable housing projects was $1.9 billion and $1.6 billion at December 31, 2023, and December 31, 2022, respectively, and is included within other assets on our Consolidated Balance Sheet. Additionally, unfunded commitments to provide additional capital to investees in qualified affordable housing projects were $973 million and $869 million at December 31, 2023, and December 31, 2022, respectively, and are included within accrued expenses and other liabilities on our Consolidated Balance Sheet. Substantially all of the unfunded commitments at December 31, 2023, are expected to be paid out within the next five years. |
Premiums Receivable and Other I
Premiums Receivable and Other Insurance Assets | 12 Months Ended |
Dec. 31, 2023 | |
Premiums Receivable Disclosure [Abstract] | |
Premiums Receivable and Other Insurance Assets | Premiums Receivable and Other Insurance Assets Premiums receivable and other insurance assets consisted of the following. December 31, ($ in millions) 2023 2022 Prepaid reinsurance premiums $ 580 $ 553 Reinsurance recoverable on unpaid losses 66 72 Reinsurance recoverable on paid losses 38 26 Premiums receivable 154 114 Deferred policy and service contract acquisition costs 1,911 1,933 Total premiums receivable and other insurance assets $ 2,749 $ 2,698 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The components of other assets were as follows. December 31, ($ in millions) 2023 2022 Property and equipment at cost (a) $ 2,153 $ 2,352 Accumulated depreciation (a) (871) (1,076) Net property and equipment 1,282 1,276 Investment in qualified affordable housing projects (b) 1,866 1,596 Net deferred tax assets 1,224 1,087 Accrued interest, fees, and rent receivables (c) 935 786 Nonmarketable equity investments 886 842 Goodwill 669 822 Equity-method investments (d) 651 608 Restricted cash held for securitization trusts (e) 407 585 Other accounts receivable 189 164 Operating lease right-of-use assets 90 111 Restricted cash and cash equivalents (f) 87 66 Net intangible assets 73 98 Other assets 1,036 1,097 Total other assets (g) $ 9,395 $ 9,138 (a) During the year ended December 31, 2023, we retired software with a cost basis of $295 million with an accumulated depreciation of $295 million. (b) Presented gross of the associated unfunded commitment. Refer to Note 16 for further information. (c) Primarily relates to accrued interest, fees, and rent receivables related to our consumer automotive and commercial automotive finance receivables and loans. (d) Primarily relates to investments made in connection with our CRA program. (e) Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions. (f) Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. (g) Excludes Ally Lending other assets which were transferred to assets of operations held-for-sale as of December 31, 2023. Refer to Note 2 for additional information. The total carrying value of the nonmarketable equity investments held at December 31, 2023, and December 31, 2022, including cumulative unrealized gains and losses, was as follows. December 31, ($ in millions) 2023 2022 FRB stock $ 392 $ 401 FHLB stock 392 318 Equity investments without a readily determinable fair value Cost basis at acquisition 74 89 Adjustments Upward adjustments 51 177 Downward adjustments (including impairment) (23) (143) Carrying amount, equity investments without a readily determinable fair value 102 123 Nonmarketable equity investments $ 886 $ 842 During the years ended December 31, 2023, and 2022, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of December 31, 2023, and 2022, were as follows. Year ended December 31, ($ in millions) 2023 2022 Upward adjustments $ 8 $ 1 Downward adjustments (including impairment) (a) $ (17) $ (138) (a) No impairment on FHLB and FRB stock was recognized during the years ended December 31, 2023, and 2022. The downward adjustments (including impairment) during the year ended December 31, 2022, was primarily driven by an impairment in our investment in BMC Holdco. During the year ended December 31, 2023, this investment was transferred from nonmarketable equity investments to equity securities on the Consolidated Balance Sheet as our investment converted into publicly traded common stock in BHF. Total loss on nonmarketable equity investments, net, which includes both realized and unrealized gains and losses, was a net loss of $10 million for the year ended December 31, 2023, compared to a net loss of $132 million for the year ended December 31, 2022, respectively. The carrying balance of goodwill by reportable operating segment was as follows. ($ in millions) Automotive Finance operations Insurance operations Corporate and Other (a) Total Goodwill at December 31, 2021 $ 20 $ 27 $ 775 $ 822 Goodwill acquired — — — — Goodwill at December 31, 2022 $ 20 $ 27 $ 775 $ 822 Goodwill impairment — — (149) (149) Transfer to assets of operations held-for-sale — — (4) (4) Goodwill at December 31, 2023 $ 20 $ 27 $ 622 $ 669 (a) Includes $479 million of goodwill associated with Ally Credit Card at both December 31, 2023, and December 31, 2022, $143 million of goodwill associated with Ally Invest at both December 31, 2023, and December 31, 2022, and $153 million of goodwill associated with Ally Lending at December 31, 2022. During the year ended December 31, 2023, we recognized a $149 million impairment of goodwill at Corporate and Other related to the transfer of our Ally Lending business to held-for-sale. Subsequent to the impairment charge, the goodwill balance of $4 million was transferred to assets of operations held-for-sale on the Consolidated Balance Sheet. For additional information, refer to Note 2. The net carrying value of intangible assets by class was as follows. 2023 2022 December 31, ($ in millions) Gross intangible assets Accumulated amortization Net carrying value Gross intangible assets Accumulated amortization Net carrying value Technology $ 117 $ (64) $ 53 $ 122 $ (53) $ 69 Customer lists 41 (39) 2 58 (51) 7 Purchased credit card relationships 25 (7) 18 25 (4) 21 Trademarks 2 (2) — 2 (1) 1 Total intangible assets (a) $ 185 $ (112) $ 73 $ 207 $ (109) $ 98 (a) Excludes $22 million of gross intangible assets and $22 million of accumulated amortization that were transferred to assets of operations held-for-sale related to Ally Lending as of December 31, 2023. Refer to Note 2 for additional information. Estimated future amortization expense of intangible assets are as follows. Year ended December 31, ($ in millions) 2024 $ 19 2025 14 2026 14 2027 13 2028 13 Total estimated future amortization expense $ 73 |
Deposit Liabilities
Deposit Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposit Liabilities | Deposit Liabilities Deposit liabilities consisted of the following. December 31, ($ in millions) 2023 2022 Noninterest-bearing deposits $ 139 $ 185 Interest-bearing deposits Savings, money market, and spending accounts 99,340 110,776 Certificates of deposit 55,187 41,336 Total deposit liabilities $ 154,666 $ 152,297 At December 31, 2023, and December 31, 2022, certificates of deposit included $7.7 billion and $5.6 billion, respectively, of those in denominations in excess of $250 thousand. The following table presents the scheduled maturity of total certificates of deposit at December 31, 2023. ($ in millions) Due in 2024 $ 43,450 Due in 2025 7,974 Due in 2026 1,490 Due in 2027 832 Due in 2028 1,441 Total certificates of deposit (a) $ 55,187 (a) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-Term Borrowings The following table presents the composition of our short-term borrowings portfolio. 2023 2022 December 31 , ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Federal Home Loan Bank $ — $ 2,550 $ 2,550 $ — $ 1,900 $ 1,900 Securities sold under agreements to repurchase — 747 747 — 499 499 Total short-term borrowings $ — $ 3,297 $ 3,297 $ — $ 2,399 $ 2,399 Weighted average interest rate (b) 5.6 % 4.5 % (a) Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt. (b) Based on the debt outstanding and the interest rate at December 31 of each year. We periodically enter into term repurchase agreements—short-term borrowing agreements in which we sell securities to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. As of December 31, 2023, the securities sold under agreements to repurchase consisted of $747 million of agency mortgage-backed residential debt securities. The repurchase agreements are set to mature within 30 days. Refer to Note 8 and Note 21 for further details. The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract. As the borrower, we are exposed to the excess market value of the securities pledged over the amount borrowed. Daily mark-to-market collateral management is designed to limit this risk to the initial margin. However, should a counterparty declare bankruptcy or become insolvent, we may incur additional delays and costs. In some instances, we may place or receive cash collateral with counterparties under collateral arrangements associated with our repurchase agreements. At December 31, 2023, we received cash collateral of $6 million and non-cash collateral of $1 million related to repurchase agreements. At December 31, 2022, we placed cash collateral of $1 million related to repurchase agreements, and we did not receive any collateral. Long-Term Debt The following tables present the composition of our long-term debt portfolio. December 31, ($ in millions) Amount Interest rate Weighted average stated interest rate (a) Due date range 2023 Unsecured debt Fixed rate (b) $ 10,327 Hedge basis adjustments (c) 97 Total unsecured debt 10,424 0.60–8.00% 6.03 % 2024–2033 Secured debt Fixed rate 7,031 Variable rate (d) 113 Hedge basis adjustment (c) 2 Total secured debt (e) (f) 7,146 0.89–5.29% 3.31 % 2024–2031 Total long-term debt $ 17,570 2022 Unsecured debt Fixed rate (b) $ 9,929 Hedge basis adjustments (c) 108 Total unsecured debt 10,037 0.60–8.00% 5.08 % 2023–2032 Secured debt Fixed rate 7,603 Variable rate (d) 118 Hedge basis adjustment (c) 4 Total secured debt (e) (f) 7,725 0.72–5.29% 2.71 % 2023–2027 Total long-term debt $ 17,762 (a) Based on the debt outstanding and the interest rate at December 31 of each year excluding any impacts of interest rate hedges. (b) Includes subordinated debt of $1.5 billion and $1.0 billion at December 31, 2023, and 2022, respectively. (c) Represents the basis adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 21 for additional information. (d) Represents long-term debt that does not have a stated interest rate. (e) Includes $1.5 billion and $2.4 billion of VIE secured debt at December 31, 2023, and 2022, respectively. (f) Includes advances from the FHLB of Pittsburgh of $5.6 billion and $5.3 billion at December 31, 2023, and 2022, respectively. 2023 2022 December 31 , ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt (a) Due within one year $ 1,409 $ 2,931 $ 4,340 $ 2,023 $ 2,395 $ 4,418 Due after one year 9,015 4,215 13,230 8,014 5,330 13,344 Total long-term debt $ 10,424 $ 7,146 $ 17,570 $ 10,037 $ 7,725 $ 17,762 (a) Includes basis adjustments related to the application of hedge accounting. Refer to Note 21 for additional information. To achieve the desired balance between fixed- and variable-rate debt, we may utilize interest rate swap agreements. These derivative financial instruments have the effect of synthetically converting our fixed-rate debt into variable-rate obligations. We did not have any derivative financial instruments that synthetically converted fixed-rate debt into variable-rate obligations or variable-rate debt into fixed-rate obligations at December 31, 2023. As of December 31, 2022, we had $2.5 billion of interest rate swap agreements outstanding. The following table presents the scheduled remaining maturity of long-term debt at December 31, 2023, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2024 2025 2026 2027 2028 2029 and thereafter Total Unsecured Long-term debt $ 1,477 $ 2,485 $ 152 $ 1,536 $ 867 $ 4,738 $ 11,255 Original issue discount (68) (74) (82) (94) (107) (406) (831) Total unsecured 1,409 2,411 70 1,442 760 4,332 10,424 Secured Long-term debt 2,931 1,904 1,720 357 225 9 7,146 Total long-term debt $ 4,340 $ 4,315 $ 1,790 $ 1,799 $ 985 $ 4,341 $ 17,570 The following summarizes assets restricted as collateral for the payment of the related debt obligation. December 31, ($ in millions) 2023 2022 Consumer automotive finance receivables $ 40,805 $ 11,759 Consumer mortgage finance receivables 18,703 19,771 Commercial finance receivables 5,968 4,210 Investment securities (amortized cost of $4,030 and $4,288) (a) 4,036 3,525 Total assets restricted as collateral (b) (c) (d) $ 69,512 $ 39,265 Secured debt (e) $ 10,443 $ 10,124 (a) A portion of the restricted investment securities at December 31, 2023, and December 31, 2022, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements. (b) All restricted assets are those of Ally Bank. (c) Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $27.9 billion and $27.0 billion at December 31, 2023, and December 31, 2022, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans as well as mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $34.0 billion and $2.4 billion at December 31, 2023, and December 31, 2022, respectively. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries. (d) Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Consolidated Balance Sheet. Refer to Note 13 for additional information. (e) Includes $3.3 billion and $2.4 billion of short-term borrowings at December 31, 2023, and December 31, 2022, respectively. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities were as follows. December 31, ($ in millions) 2023 2022 Unfunded commitments for investment in qualified affordable housing projects $ 973 $ 869 Accounts payable 509 435 Employee compensation and benefits 409 424 Reserves for insurance losses and loss adjustment expenses (a) 140 119 Operating lease liabilities 113 137 Deferred revenue 103 169 Other liabilities 479 495 Total accrued expenses and other liabilities (b) $ 2,726 $ 2,648 (a) Refer to Note 6 for further information. (b) Excludes Ally Lending accrued expenses and other liabilities, which were transferred to liabilities of operations held-for-sale as of December 31, 2023. Refer to Note 2 for additional information. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Equity Common Stock The following table presents changes in the number of shares issued and outstanding. (shares in thousands) (a) 2023 2022 2021 Common stock Total issued at January 1, 507,683 504,522 501,237 New issuances Employee benefits and compensation plans 4,179 3,161 3,284 Total issued at December 31, 511,861 507,683 504,522 Treasury balance at January 1, (208,358) (166,581) (126,563) Repurchase of common stock (b) (1,044) (41,778) (40,018) Total treasury stock at December 31, (209,402) (208,358) (166,581) Total outstanding at December 31, 302,459 299,324 337,941 (a) Figures in the table may not recalculate exactly due to rounding. Number of shares issued, in treasury, and outstanding are calculated based on unrounded numbers. (b) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. Refer to the section titled Capital Planning and Stress Tests in Note 20 for additional information regarding our common stock-repurchase program. Preferred Stock Series B Preferred Stock In April 2021, we issued 1,350,000 shares of 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, with $0.01 par value and liquidation preference of $1,000 per share. Proceeds from the offering were used to redeem a portion of our 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I. Dividends on shares of the Series B Preferred Stock are discretionary and are not cumulative. Holders of the Series B Preferred Stock will be entitled to receive, if, when and as declared by our Board, or a duly authorized committee of the Board, out of legally available assets, non-cumulative cash dividends quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2021. Dividends will accrue (i) from the date of original issue to, but excluding, May 15, 2026, at a fixed rate of 4.700% per annum and (ii) from, and including, May 15, 2026, during each five-year reset period, at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date plus 3.868% on the liquidation preference amount of $1,000 per share. So long as any share of Series B Preferred Stock remains outstanding, unless the dividends for the most recently completed dividend period have been paid in full, or set aside for payment, on all outstanding shares of Series B Preferred Stock, we will be prohibited, subject to certain specified exceptions, from (i) declaring or paying any dividends or making any distributions with respect to any stock that ranks on a parity basis with, or junior in interest to, the Series B Preferred Stock or (ii) repurchasing, redeeming, or otherwise acquiring for consideration, directly or indirectly, any stock that ranks on a parity basis with, or junior in interest to, the Series B Preferred Stock. The holders of the Series B Preferred Stock do not have voting rights other than those set forth in the certificate of designations for the Series B Preferred Stock included in Ally’s Certificate of Incorporation. The Series B Preferred Stock does not have a stated maturity date, and will be perpetual unless redeemed at Ally’s option. Ally is not required to redeem the Series B Preferred Stock and holders of the Series B Preferred Stock have no right to require Ally to redeem their shares. Ally may, at its option, redeem the shares of Series B Preferred stock (i) in whole or in part, on any dividend payment date on or after May 15, 2026, or (ii) in whole, but not in part, at any time within 90 days following a regulatory capital treatment event. In the event of any liquidation, dissolution or winding up of the affairs of Ally, holders of the Series B Preferred Stock will be entitled to receive the liquidation amount per share of Series B Preferred Stock and an amount equal to all declared, but unpaid dividends declared prior to the date of payment out of assets available for distribution, before any distribution is made for holders of stock that ranks junior in interest to the Series B Preferred Stock, subject to the rights of Ally’s creditors. Series C Preferred Stock In June 2021, we issued 1,000,000 shares of 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C, with $0.01 par value and liquidation preference of $1,000 per share. Proceeds from the offering were used to redeem a portion of our 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I. Dividends on shares of the Series C Preferred Stock are discretionary and are not cumulative. Holders of the Series C Preferred Stock will be entitled to receive, if, when and as declared by our Board, or a duly authorized committee of the Board, out of legally available assets, non-cumulative cash dividends quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2021. Dividends will accrue (i) from the date of original issue to, but excluding, May 15, 2028, at a fixed rate of 4.700% per annum and (ii) from, and including, May 15, 2028, during each seven-year reset period, at a rate per annum equal to the seven-year treasury rate as of the most recent reset dividend determination date plus 3.481% on the liquidation preference amount of $1,000 per share. So long as any share of Series C Preferred Stock remains outstanding, unless the dividends for the most recently completed dividend period have been paid in full, or set aside for payment, on all outstanding shares of Series C Preferred Stock, we will be prohibited, subject to certain specified exceptions, from (i) declaring or paying any dividends or making any distributions with respect to any stock that ranks on a parity basis with, or junior in interest to, the Series C Preferred Stock or (ii) repurchasing, redeeming, or otherwise acquiring for consideration, directly or indirectly, any stock that ranks on a parity basis with, or junior in interest to, the Series C Preferred Stock. The holders of the Series C Preferred Stock do not have voting rights other than those set forth in the certificate of designations for the Series C Preferred Stock included in Ally’s Certificate of Incorporation. The Series C Preferred Stock does not have a stated maturity date, and will be perpetual unless redeemed at Ally’s option. Ally is not required to redeem the Series C Preferred Stock and holders of the Series C Preferred Stock have no right to require Ally to redeem their shares. Ally may, at its option, redeem the shares of Series C Preferred stock (i) in whole or in part, on any dividend payment date on or after May 15, 2028, or (ii) in whole, but not in part, at any time within 90 days following a regulatory capital treatment event. In the event of any liquidation, dissolution or winding up of the affairs of Ally, holders of the Series C Preferred Stock will be entitled to receive the liquidation amount per share of Series C Preferred Stock and an amount equal to all declared, but unpaid dividends declared prior to the date of payment out of assets available for distribution, before any distribution is made for holders of stock that ranks junior in interest to the Series C Preferred Stock, subject to the rights of Ally’s creditors. The following table summarizes information about our preferred stock. December 31, 2023 Series B preferred stock (a) Issuance date April 22, 2021 Carrying value ($ in millions) $ 1,335 Par value (per share) $ 0.01 Liquidation preference (per share) $ 1,000 Number of shares authorized 1,350,000 Number of shares issued and outstanding 1,350,000 Dividend/coupon Prior to May 15, 2026 4.700% On and after May 15, 2026 Five Year Treasury + 3.868% Series C preferred stock (a) Issuance date June 2, 2021 Carrying value ($ in millions) $ 989 Par value (per share) $ 0.01 Liquidation preference (per share) $ 1,000 Number of shares authorized 1,000,000 Number of shares issued and outstanding 1,000,000 Dividend/coupon Prior to May 15, 2028 4.700% On and after May 15, 2028 Seven Year Treasury + 3.481% (a) We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table presents changes, net of tax, in each component of accumulated other comprehensive loss. Investment securities (a) ($ in millions) Available- Held-to-maturity securities Translation adjustments and net investment hedges (c) Cash flow hedges (c) Defined benefit pension plans Accumulated other comprehensive income (loss) Balance at January 1, 2021 $ 640 $ — $ 19 $ 82 $ (110) $ 631 Net change (735) — — (47) (7) (789) Balance at December 31, 2021 (95) — 19 35 (117) (158) Net change (4,000) — (1) (17) 117 (3,901) Balance at December 31, 2022 (4,095) — 18 18 — (4,059) Net change 949 (682) 3 (27) — 243 Balance at December 31, 2023 $ (3,146) $ (682) $ 21 $ (9) $ — $ (3,816) (a) Refer to Note 8 for additional information on securities transferred from available-for-sale to held-to-maturity. (b) Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 8 for additional information. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. Our qualified defined benefit pension plan was frozen in 2006. During 2022, we executed our plan to settle the liability in two phases: (1) a single, lump-sum payment window program; and (2) the purchase of an annuity contract from an independent insurance company for the remainder of the liability. The independent insurance company assumed the obligation to pay the outstanding accrued benefits to the participants and beneficiaries of the plan. During the year ended December 31, 2022, we realized a loss of $115 million upon reclassification from accumulated other comprehensive loss as a result of this action, which included $71 million of compensation and benefits expense and $44 million of income tax expense, which included $61 million of realized stranded tax effects. The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss. Year ended December 31, 2023 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized gains arising during the period $ 338 $ (78) $ 260 Net unrealized loss on securities transferred to held-to-maturity (a) 911 (218) 693 Less: Net realized gains reclassified to income from continuing operations 5 (b) (1) (c) 4 Net change 1,244 (295) 949 Held-to-maturity securities Net unrealized loss on securities transferred from available-for-sale (a) (911) 218 (693) Less: Amortization of amounts previously recorded upon transfer from available-for-sale (14) (d) 3 (11) Net change (897) 215 (682) Translation adjustments Net unrealized gains arising during the period 6 (1) 5 Net investment hedges (e) Net unrealized losses arising during the period (3) 1 (2) Cash flow hedges (e) Net unrealized losses arising during the period (22) 6 (16) Less: Net realized gains reclassified to income from continuing operations 14 (f) (3) (c) 11 Net change (36) 9 (27) Other comprehensive income $ 314 $ (71) $ 243 (a) Includes unrealized losses on securities transferred from available-for-sale to held-to-maturity. Refer to Note 8 for additional information. (b) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (c) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (d) Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Consolidated Statement of Income. (e) For additional information on derivative instruments and hedging activities, refer to Note 21. (f) Includes gains reclassified to interest and fees on finance receivables and loans in our Consolidated Statement of Income. Year ended December 31, 2022 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized losses arising during the period $ (5,222) $ 1,240 $ (3,982) Less: Net realized gains reclassified to income from continuing operations 23 (a) (5) (b) 18 Net change (5,245) 1,245 (4,000) Translation adjustments Net unrealized losses arising during the period (10) 2 (8) Net investment hedges (c) Net unrealized gains arising during the period 8 (1) 7 Cash flow hedges (c) Net unrealized losses arising during the period (2) — (2) Less: Net realized gains reclassified to income from continuing operations 21 (d) (6) (b) 15 Net change (23) 6 (17) Defined benefit pension plans Net unrealized gains arising during the period 2 — 2 Less: Net realized losses reclassified to income from continuing operations (71) (e) (44) (b) (115) Net change 73 44 117 Other comprehensive loss $ (5,197) $ 1,296 $ (3,901) (a) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Consolidated Statement of Income. (e) Includes losses reclassified to compensation and benefits expense in our Consolidated Statement of Income as a result of the settlement of our qualified defined benefit pension plan. Year ended December 31, 2021 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized losses arising during the period $ (859) $ 203 $ (656) Less: Net realized gains reclassified to income from continuing operations 102 (a) (23) (b) 79 Net change (961) 226 (735) Cash flow hedges (c) Less: Net realized gains reclassified to income from continuing operations 61 (d) (14) (b) 47 Defined benefit pension plans Net unrealized losses arising during the period (11) 3 (8) Less: Net realized losses reclassified to income from continuing operations (1) — (1) Net change (10) 3 (7) Other comprehensive loss $ (1,032) $ 243 $ (789) (a) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Consolidated Statement of Income. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table presents the calculation of basic and diluted earnings per common share. Year ended December 31, ($ in millions, except per share data; shares in thousands) (a) 2023 2022 2021 Net income from continuing operations $ 1,022 $ 1,715 $ 3,065 Preferred stock dividends — Series B (63) (63) (36) Preferred stock dividends — Series C (47) (47) (21) Net income from continuing operations attributable to common stockholders $ 912 $ 1,605 $ 3,008 Loss from discontinued operations, net of tax (2) (1) (5) Net income attributable to common stockholders $ 910 $ 1,604 $ 3,003 Basic weighted-average common shares outstanding (b) 303,751 316,690 362,583 Diluted weighted-average common shares outstanding (b) 305,135 318,629 365,180 Basic earnings per common share Net income from continuing operations $ 3.00 $ 5.07 $ 8.30 Loss from discontinued operations, net of tax (0.01) — (0.01) Net income $ 3.00 $ 5.06 $ 8.28 Diluted earnings per common share Net income from continuing operations $ 2.99 $ 5.04 $ 8.24 Loss from discontinued operations, net of tax (0.01) — (0.01) Net income $ 2.98 $ 5.03 $ 8.22 (a) Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. (b) Includes shares related to share-based compensation that vested but were not yet issued. |
Regulatory Capital and Other Re
Regulatory Capital and Other Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital and Other Regulatory Matters | Regulatory Capital and Other Regulatory Matters Ally is subject to enhanced prudential standards that have been established by the FRB under the Dodd-Frank Act, as amended by the EGRRCP Act and as applied to Category IV firms under the Tailoring Rules. Refer to the discussion below, however, about rules proposed by the U.S. banking agencies in 2023 that would significantly alter the Tailoring Rules. Currently, as a Category IV firm, Ally is (1) subject to supervisory stress testing on a two-year cycle, (2) required to submit an annual capital plan to the FRB, (3) exempted from company-run capital stress testing requirements, (4) required to maintain a buffer of unencumbered highly liquid assets to meet projected net stressed cash outflows over a 30-day planning horizon, (5) exempted from the requirements of the LCR and the net stable funding ratio (provided that our average wSTWF continues to remain under $50 billion), and (6) exempted from the requirements of the supplementary leverage ratio, the countercyclical capital buffer, and single-counterparty credit limits. Even so, we are subject to rules enabling the FRB to conduct supervisory stress testing on a more or less frequent basis based on our financial condition, size, complexity, risk profile, scope of operations, or activities or based on risks to the U.S. economy. Further, we are subject to rules requiring the resubmission of our capital plan if we determine that there has been or will be a material change in our risk profile, financial condition, or corporate structure since we last submitted the capital plan or if the FRB determines that (a) our capital plan is incomplete or our capital plan or internal capital adequacy process contains material weaknesses, (b) there has been, or will likely be, a material change in our risk profile (including a material change in our business strategy or any risk exposure), financial condition, or corporate structure, or (c) the BHC stress scenario(s) are not appropriate for our business model and portfolios, or changes in the financial markets or the macroeconomic outlook that could have a material impact on our risk profile and financial condition require the use of updated scenarios. While a resubmission is pending, without prior approval of the FRB, we would generally be prohibited from paying dividends, repurchasing our common stock, or making other capital distributions. In addition, to satisfy the FRB in its review of our capital plan, we may be required to further cease or limit these capital distributions or to issue capital instruments that could be dilutive to stockholders. The FRB also may prevent us from maintaining or expanding lending or other business activities. Basel Capital Framework The FRB and other U.S. banking agencies have adopted risk-based and leverage capital rules that establish minimum capital-to-asset ratios for BHCs, like Ally, and depository institutions, like Ally Bank. The risk-based capital ratios are based on a banking organization’s RWAs, which are generally determined under the standardized approach applicable to Ally and Ally Bank by (1) assigning on-balance-sheet exposures to broad risk-weight categories according to the counterparty or, if relevant, the guarantor or collateral (with higher risk weights assigned to categories of exposures perceived as representing greater risk), and (2) multiplying off-balance-sheet exposures by specified credit conversion factors to calculate credit equivalent amounts and assigning those credit equivalent amounts to the relevant risk-weight categories. The leverage ratio, in contrast, is based on an institution’s average unweighted on-balance-sheet exposures. Under U.S. Basel III, Ally and Ally Bank must maintain a minimum Common Equity Tier 1 risk-based capital ratio of 4.5%, a minimum Tier 1 risk-based capital ratio of 6%, and a minimum total risk-based capital ratio of 8%. On top of the minimum risk-based capital ratios, Ally and Ally Bank are subject to a capital conservation buffer requirement, which must be satisfied entirely with capital that qualifies as Common Equity Tier 1 capital. Failure to maintain more than the full amount of the capital conservation buffer requirement would result in automatic restrictions on the ability of Ally and Ally Bank to make capital distributions, including dividend payments and stock repurchases and redemptions, and to pay discretionary bonuses to executive officers. U.S. Basel III also subjects Ally and Ally Bank to a minimum Tier 1 leverage ratio of 4%. While the capital conservation buffer requirement for Ally Bank is fixed at 2.5% of RWAs, the capital conservation buffer requirement for a Category IV firm, like Ally, is equal to its stress capital buffer requirement. The stress capital buffer requirement for Ally, in turn, is the greater of 2.5% and the result of the following calculation: (1) the difference between Ally’s starting and minimum projected Common Equity Tier 1 capital ratios under the severely adverse scenario in the supervisory stress test, plus (2) the sum of the dollar amount of Ally’s planned common stock dividends for each of the fourth through seventh quarters of its nine-quarter capital planning horizon, as a percentage of RWAs. As of December 31, 2023, the stress capital buffer requirement for Ally was 2.5%. Ally and Ally Bank are currently subject to the U.S. Basel III standardized approach for counterparty credit risk but not to the U.S. Basel III advanced approaches for credit risk or operational risk. Ally is also not currently subject to the U.S. market-risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. Since Ally and Ally Bank are currently not subject to the advanced approaches risk-based capital rules, we elected to apply a one-time option to exclude most components of accumulated other comprehensive income and loss from regulatory capital. As of December 31, 2023, and December 31, 2022, Ally had $3.8 billion and $4.1 billion, respectively, of accumulated other comprehensive loss, net of applicable income taxes, that was excluded from Common Equity Tier 1 capital. Refer to the discussion below about rules proposed by the U.S. banking agencies in 2023 that would require us to recognize all components of accumulated other comprehensive income and loss in regulatory capital, except gains and losses on cash-flow hedges where the hedged items are not recognized on our balance sheet at fair value. Refer also to Note 18 for additional details about our accumulated other comprehensive loss. Failure to satisfy regulatory-capital requirements could result in significant sanctions—such as bars or other limits on capital distributions and discretionary bonuses to executive officers, limitations on acquisitions and new activities, restrictions on our acceptance of brokered deposits, a loss of our status as an FHC, or informal or formal enforcement and other supervisory actions—and could have a significant adverse effect on the Consolidated Financial Statements or the business, results of operations, financial condition, or prospects of Ally and Ally Bank. The risk-based capital ratios and the Tier 1 leverage ratio play a central role in PCA, which is an enforcement framework used by the U.S. banking agencies to constrain the activities of depository institutions based on their levels of regulatory capital. Five categories have been established using thresholds for the Common Equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio, the total risk-based capital ratio, and the Tier 1 leverage ratio: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. FDICIA generally prohibits a depository institution from making any capital distribution, including any payment of a cash dividend or a management fee to its BHC, if the depository institution would become undercapitalized after the distribution. An undercapitalized institution is also subject to growth limitations and must submit and fulfill a capital restoration plan. Although BHCs are not subject to the PCA framework, the FRB is empowered to compel a BHC to take measures—such as the execution of financial or performance guarantees—when PCA is required in connection with one of its depository-institution subsidiaries. At both December 31, 2023, and December 31, 2022, Ally Bank met the capital ratios required to be well capitalized under the PCA framework. Under FDICIA and the PCA framework, insured depository institutions such as Ally Bank must be well capitalized or, with a waiver from the FDIC, adequately capitalized in order to accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits. Our brokered deposits totaled $11.0 billion at December 31, 2023, which represented 7.1% of total deposit liabilities. The following table summarizes our capital ratios under U.S. Basel III. December 31, 2023 December 31, 2022 Required minimum (a) Well-capitalized minimum ($ in millions) Amount Ratio Amount Ratio Capital ratios Common Equity Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 15,129 9.36 % $ 14,592 9.27 % 4.50 % (b) Ally Bank 17,217 11.24 17,011 11.38 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 17,392 10.76 % $ 16,867 10.72 % 6.00 % 6.00 % Ally Bank 17,217 11.24 17,011 11.38 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 20,055 12.41 % $ 19,209 12.21 % 8.00 % 10.00 % Ally Bank 19,144 12.50 18,888 12.64 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 17,392 8.67 % $ 16,867 8.65 % 4.00 % (b) Ally Bank 17,217 9.07 17,011 9.23 4.00 5.00 % (a) In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally and Ally Bank were required to maintain a minimum capital conservation buffer of 2.5% at both December 31, 2023, and December 31, 2022. (b) Currently, there is no ratio component for determining whether a BHC is “well-capitalized.” (c) Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology. On January 1, 2020, we adopted CECL. Refer to Note 1 for additional information about our allowance for loan losses accounting policy. Under a rule finalized by the FRB and other U.S. banking agencies in 2020, we delayed recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we were required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. The estimated impact of CECL on regulatory capital that we deferred and began phasing in on January 1, 2022, is generally calculated as the entire day-one impact at adoption plus 25% of the subsequent change in allowance during the two-year deferral period. As of December 31, 2023, the total deferred impact on Common Equity Tier 1 capital related to our adoption of CECL was $591 million. In April 2023, in a statement accompanying the review of the FRB’s supervision and regulation of SVB, FRB Vice Chair for Supervision Barr highlighted a plan to revisit the Tailoring Rules and develop stronger capital, liquidity, stress-testing, and other standards for Category IV firms like Ally. In July 2023, the U.S. banking agencies issued a proposed rule to customize and implement revisions to the global Basel III capital framework that were approved by the Basel Committee in December 2017 (commonly known as the Basel III endgame or as Basel IV). For regulatory capital, the proposed rule would eliminate the effect of the Tailoring Rules by requiring the recognition of most elements of accumulated other comprehensive income and loss and the application of deductions, limitations, and criteria for specified capital investments, minority interests, and TLAC holdings. For each of the risk-based capital ratios, a large banking organization, like Ally, would calculate and be bound by the lower of two alternatives: one version of the ratio based on an expanded risk-based approach prescribed in the proposed rule and one version of the ratio based on the standardized approach as modified by the proposed rule. All capital buffer requirements, including the stress capital buffer requirement, would apply regardless of whether the expanded risk-based approach or the standardized approach produces the lower ratio. Under the expanded risk-based approach, total RWAs would equal the sum of the RWAs for credit risk, equity risk, operational risk, market risk, and CVA risk as set forth in the proposed rule minus any amount of the banking organization’s adjusted allowance for credit losses that is not included in Tier 2 capital and any amount of allocated transfer risk reserves. Under the standardized approach, total RWAs would be calculated using the existing rules with a revised methodology for determining RWAs for market risk, and a required application of the standardized approach for counterparty credit risk for derivative exposures. Category IV firms would be further required under the proposed rule to project their risk-based capital ratios under baseline conditions in their capital plans and related reports using the RWA-calculation approach that results in their binding risk-based capital ratios as of the start of the projection horizon. The proposed rule also would roll back additional elements of the Tailoring Rules by applying to Category IV firms the supplementary leverage ratio, the countercyclical capital buffer, and enhanced public disclosure and reporting requirements. Under the proposed rule, a three-year transition period from July 1, 2025, to June 30, 2028, would apply to the recognition of accumulated other comprehensive income and loss in regulatory capital and the use of the expanded risk-based approach. The phase-in of accumulated other comprehensive income and loss is expected to significantly affect our levels of regulatory capital. While we believe that this would be manageable, we also anticipate that our levels of regulatory capital would need to be gradually increased in advance of and during the proposed transition period. As for the proposed changes to RWAs, while we continue to evaluate the effects of individual provisions and the interplay among them as well as potential management actions in response, the impact is not currently expected to be significant in the aggregate if the proposed rule were adopted in its existing form. Since the proposed rule was issued, we have been engaged with research and advocacy groups to inform the rulemaking process and better understand the impacts of the proposed rule on banking organizations of various sizes and complexities—as well as the competitive environment more broadly—and likewise encourage the U.S. banking agencies to closely study these impacts and their wider implications. In August 2023, the U.S. banking agencies issued a proposed rule to improve the resolvability of Category IV firms, like Ally. The proposed rule would require Category II, III, and IV firms, their large consolidated banks, and other institutions to issue and maintain minimum amounts of eligible long-term debt in an amount that is the greater of (i) 6 percent of total RWAs, (ii) 3.5 percent of average total consolidated assets, and (iii) 2.5 percent of total leverage exposure. Covered insured depository institutions, like Ally Bank, that are consolidated subsidiaries of covered entities, like Ally, would be required to issue eligible long-term debt internally to a company that consolidates the covered insured depository institution, which would in turn be required to purchase that long-term debt. Only long-term debt instruments that are most readily able to absorb losses in a resolution proceeding would qualify, and the operations of covered entities would be subject to clean-holding-company requirements such as prohibitions and limitations on their liabilities to unaffiliated entities. Under the proposed rule, a transition period would apply with 25, 50, and 100 percent of the long-term-debt requirements coming into effect by the end of the first, second, and third years, respectively, after finalization of the rule. We are still assessing the impact of this proposed rule but, due to the current structure and amount of debt instruments issued by Ally and Ally Bank, we expect it to significantly affect us. Whether and when final rules related to these proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any final rules after the comment periods, remain unclear. Also, beyond these proposed rules, more stringent and less tailored liquidity, stress-testing, and other standards for Category IV firms, like Ally, may be forthcoming, including those that may reinstate the LCR, require more rigorous liquidity stress testing, and return Ally to supervisory stress testing on an annual cycle. Capital Planning and Stress Tests Under the Tailoring Rules, we are generally subject to supervisory stress testing on a two-year cycle and exempted from mandated company-run capital stress testing requirements. We are also required to submit an annual capital plan to the FRB. Our annual capital plan must include an assessment of our expected uses and sources of capital and a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any dividend or other capital distribution, and any similar action that the FRB determines could have an impact on our capital. The plan must also include a detailed description of our process for assessing capital adequacy, including a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, will serve as a source of strength to Ally Bank, and will maintain sufficient capital to continue our operations by maintaining ready access to funding, meeting our obligations to creditors and other counterparties, and continuing to serve as a credit intermediary. The Tailoring Rules align capital planning, supervisory stress testing, and stress capital buffer requirements for large banking organizations, like Ally. As a Category IV firm, Ally is expected to have the ability to elect to participate in the supervisory stress test—and receive a correspondingly updated stress capital buffer requirement—in a year in which Ally would not generally be subject to the supervisory stress test. Refer to the section titled Basel Capital Framework above for further discussion about our stress capital buffer requirements. During a year in which Ally does not undergo a supervisory stress test, we would receive an updated stress capital buffer requirement only to reflect our updated planned common-stock dividends. Ally was subject to the 2022 supervisory stress test and did not elect to participate in the 2023 supervisory stress test. On January 10, 2022, our Board authorized a stock-repurchase program, permitting us to repurchase up to $2.0 billion of our common stock from time to time from the first quarter of 2022 through the fourth quarter of 2022 subject to restrictions imposed by the FRB, and an increase in our cash dividend on common stock from $0.25 per share for the fourth quarter of 2021 to $0.30 per share for the first quarter of 2022. During the year ended December 31, 2022, we repurchased $1.65 billion of common stock under our stock-repurchase program. Since the commencement of our initial stock-repurchase program in the third quarter of 2016, we have reduced the number of outstanding shares of our common stock by 37%, from 484 million as of June 30, 2016, to 302 million as of December 31, 2023. Except for repurchases made of shares withheld to cover income taxes owed by participants in our share-based incentive plans, we did not make any common-stock repurchases in 2023, and at this time, the Board has not authorized a stock-repurchase program for 2024. We submitted our 2022 capital plan to the FRB on April 5, 2022. Ally received an updated preliminary stress capital buffer requirement from the FRB in June 2022, which was determined to be 2.5% and reflected a decline of 100 basis points relative to our prior requirement. The updated 2.5% stress capital buffer requirement was finalized in August 2022 and became effective on October 1, 2022. In February 2023, we accessed the unsecured debt capital markets and issued $500 million of additional subordinated notes, which qualify as Tier 2 capital for Ally under U.S. Basel III. We submitted our 2023 capital plan to the FRB on April 5, 2023, and received in June 2023 an updated preliminary stress capital buffer requirement that remained unchanged at 2.5%. The 2.5% stress capital buffer requirement was finalized in July 2023 and became effective on October 1, 2023. Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), the taxation of share repurchases, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time. The following table presents information related to our common stock and distributions to our common stockholders. Common stock repurchased during period (a) Number of common shares outstanding Cash dividends declared per common share (b) ($ in millions, except per share data; shares in thousands) Approximate dollar value Number of shares Beginning of period End of period 2022 First quarter $ 584 12,548 337,941 327,306 $ 0.30 Second quarter 600 15,031 327,306 312,781 0.30 Third quarter 415 12,468 312,781 300,335 0.30 Fourth quarter 51 1,731 300,335 299,324 0.30 2023 First quarter $ 27 836 299,324 300,821 $ 0.30 Second quarter 2 58 300,821 301,619 0.30 Third quarter — 5 301,619 301,630 0.30 Fourth quarter 4 145 301,630 302,459 0.30 (a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b) On January 11, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend was paid on February 15, 2024, to stockholders of record at the close of business on February 1, 2024. Depository Institutions Ally Bank is a member of the Federal Reserve System and is subject to regulation, supervision, and examination by the FRB, the UDFI, the FDIC, and the CFPB. Ally Bank is an insured depository institution and, as such, is required to file periodic reports with the FDIC about its financial condition. Total assets of Ally Bank were $186.1 billion and $181.9 billion at December 31, 2023, and 2022, respectively. Federal and Utah law place a number of conditions, limits, and other restrictions on dividends and other capital distributions that may be paid by Ally Bank to IB Finance and thus indirectly to Ally. Dividends or other distributions made by Ally Bank indirectly to Ally were $1.4 billion and $3.2 billion in 2023 and 2022, respectively. Under rules of the FDIC, Ally Bank is required to periodically submit to the FDIC a resolution plan (commonly known as a living will) that would enable the FDIC, as receiver, to resolve Ally Bank in the event of its insolvency under the FDI Act in a manner that ensures that depositors receive access to their insured deposits within one business day of Ally Bank’s failure (two business days if the failure occurs on a day other than Friday), maximizes the net present value return from the sale or disposition of its assets, and minimizes the amount of any loss realized by creditors in the resolution. In June 2021, the FDIC issued a Statement on Resolution Plans for Insured Depository Institutions, which in part establishes a three-year filing cycle for banks with $100 billion or more in total assets, like Ally Bank. In August 2023, the FDIC issued a proposed rule that would require each insured depository institution with $100 billion or more in total assets, like Ally Bank, to submit a full resolution plan with an identified strategy for ensuring timely access to insured deposits, maximizing value from the disposition of assets, minimizing any losses realized by creditors, and addressing potential financial-stability risks. Each resolution plan also would be subject to more stringent standards on its assumptions, content, and reviews. Covered insured depository institutions would need to submit a full resolution plan every two years with interim supplements in non-submission years. Ally Bank submitted its most recent resolution plan on December 1, 2022. Insurance Companies Some of our insurance operations—including in the United States, Canada, and Bermuda—are subject to certain minimum aggregate capital requirements, net asset and dividend restrictions, and rules and regulations promulgated by various U.S. and foreign regulatory agencies. Under state and foreign insurance laws, dividend distributions may be made only from statutory unassigned surplus with approvals required from applicable regulatory authorities for dividends in excess of statutory limitations. At December 31, 2023, the maximum dividend that could be paid by the U.S. insurance subsidiaries over the next 12 months without prior statutory approval was $112 million. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We enter into derivative instruments, which may include interest rate swaps, foreign-currency forwards, equity options, and interest rate options, in connection with our risk-management activities. Our primary objective for using derivative financial instruments is to manage interest rate risk associated with our fixed-rate and variable-rate assets and liabilities, foreign exchange risks related to our net investments in foreign subsidiaries, as well as foreign-currency denominated assets and liabilities, and other market risks related to our investment portfolio. Interest Rate Risk We monitor our mix of fixed-rate and variable-rate assets and liabilities and may enter into interest rate swaps, forwards, and options to achieve a more desired mix of fixed-rate and variable-rate assets and liabilities. We execute these trades to modify our exposure to interest rate risk by converting certain fixed-rate instruments to a variable-rate and certain variable-rate instruments to a fixed-rate. We use a mix of both derivatives that qualify for hedge accounting treatment and economic hedges that do not qualify for hedge accounting treatment. Derivatives qualifying for hedge accounting treatment can include receive-fixed swaps designated as fair value hedges of specific fixed-rate unsecured debt obligations, receive-fixed swaps designated as fair value hedges of specific fixed-rate FHLB advances, pay-fixed swaps designated as fair value hedges of securities within our available-for-sale portfolio, and pay-fixed swaps designated as fair value hedges of fixed-rate held-for-investment consumer automotive loan assets. Other derivatives qualifying for hedge accounting consist of interest rate floor contracts designated as cash flow hedges of the expected future cash flows in the form of interest receipts on a portion of our dealer floorplan commercial loans. We have the ability to execute economic hedges, which could consist of interest rate swaps, interest rate caps, forwards, and options to mitigate interest rate risk. We also enter into interest rate lock commitments and forward commitments that are executed as part of our mortgage business that meet the accounting definition of a derivative. Foreign Exchange Risk We enter into derivative financial instrument contracts to mitigate the risk associated with variability in cash flows related to our various foreign-currency exposures. We enter into foreign-currency forwards with external counterparties as net investment hedges of foreign exchange exposure on our investment in foreign subsidiaries. Our equity is impacted by the cumulative translation adjustments resulting from the translation of foreign subsidiary results; this impact is reflected in our accumulated other comprehensive income. We also periodically enter into foreign-currency forwards to economically hedge any foreign-denominated debt, centralized lending, and foreign-denominated third-party loans. These foreign-currency forwards used as economic hedges are recorded at fair value with changes recorded as income or expense offsetting the gains and losses on the associated foreign-currency transactions. Investment Risk We enter into equity options to mitigate the risk associated with our exposure to the equity markets. Credit Risk We enter into various retail automotive-loan purchase agreements with certain counterparties. As part of those agreements, we may be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than what was estimated at the time of acquisition. Based upon these terms, these contracts meet the accounting definition of a derivative. Counterparty Credit Risk Derivative financial instruments contain an element of credit risk if counterparties are unable to meet the terms of the agreements. Credit risk associated with derivative financial instruments is measured as the net replacement cost should the counterparties that owe us under the contract completely fail to perform under the terms of those contracts, assuming no recoveries of underlying collateral as measured by the market value of the derivative financial instrument. We manage our risk to financial counterparties through internal credit analysis, limits, and monitoring. Additionally, derivatives and repurchase agreements are entered into with approved counterparties using industry standard agreements. We execute certain OTC derivatives, such as interest rate caps and floors, using bilateral agreements with financial counterparties. Bilateral agreements generally require both parties to post collateral in the event the fair values of the derivative financial instruments meet posting thresholds established under the agreements. If either party defaults on the obligation, the secured party may seize the collateral. Payments related to the exchange of collateral for OTC derivatives are recognized as collateral. We also execute certain derivatives, such as interest rate swaps, with clearinghouses, which require us to post and receive collateral. For these clearinghouse derivatives, these payments are recognized as settlements rather than collateral. Certain derivative instruments contain provisions that require us to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified credit-risk-related event. No such specified credit-risk-related events occurred during the years ended December 31, 2023, 2022, or 2021. We placed cash and noncash collateral with counterparties totaling $6 million and $642 million, respectively, supporting our derivative positions at December 31, 2023, compared to $2 million and $384 million of cash and noncash collateral, respectively, at December 31, 2022. These amounts include noncash collateral placed at clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. The receivables for cash collateral placed are included on our Consolidated Balance Sheet in other assets. We granted our counterparties the right to sell or pledge the noncash collateral. We received cash collateral from counterparties totaling $31 million and $23 million at December 31, 2023, and 2022, respectively. These amounts exclude cash and noncash collateral pledged under repurchase agreements. The payables for cash collateral received are included on our Consolidated Balance Sheet in accrued expenses and other liabilities. Balance Sheet Presentation The following table summarizes the amounts of derivative instruments reported on our Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Consolidated Balance Sheet. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. 2023 2022 Derivative contracts in a Notional amount Derivative contracts in a Notional amount December 31, ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 35,835 $ — $ — $ 30,619 Purchased options 31 — 6,250 22 — 2,800 Foreign exchange contracts Forwards — 6 166 — 1 151 Total derivatives designated as accounting hedges 31 6 42,251 22 1 33,570 Derivatives not designated as accounting hedges Interest rate contracts Swaps — — 2,000 — — — Forwards — — 70 — — 37 Written options 2 — 88 — — 79 Total interest rate risk 2 — 2,158 — — 116 Foreign exchange contracts Forwards — 1 59 — 1 147 Total foreign exchange risk — 1 59 — 1 147 Credit contracts (a) Other credit derivatives — 10 n/a — 39 n/a Total credit risk — 10 n/a — 39 n/a Equity contracts Written options — — — — 1 — Purchased options — — — 1 — — Total equity risk — — — 1 1 — Total derivatives not designated as accounting hedges 2 11 2,217 1 41 263 Total derivatives $ 33 $ 17 $ 44,468 $ 23 $ 42 $ 33,833 n/a = not applicable (a) The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $29 million and $82 million as of December 31, 2023, and December 31, 2022, respectively. The following table presents amounts recorded on our Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items Total Discontinued (a) December 31, ($ in millions) 2023 2022 2023 2022 2023 2022 Assets Available-for-sale securities (b) $ 16,302 $ 11,265 $ (79) $ (180) $ (156) $ (181) Finance receivables and loans, net (c) 54,189 46,390 (93) (617) (27) (57) Liabilities Long-term debt $ 7,750 $ 7,697 $ 100 $ 112 $ 100 $ 120 (a) Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment. (b) These amounts include the amortized cost basis and unallocated basis adjustments of closed portfolios of available-for-sale securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At December 31, 2023, and December 31, 2022, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $14.8 billion and $10.0 billion, respectively, of which $14.6 billion and $9.7 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At December 31, 2023, and December 31, 2022, the total cumulative basis adjustments associated with these hedging relationships was a $45 million liability and a $135 million liability, respectively, of which the portion related to discontinued hedging relationships was a $120 million liability and a $138 million liability, respectively. At December 31, 2023, and December 31, 2022, the notional amounts of the designated hedged items were $11.3 billion and $4.0 billion, respectively, with cumulative basis adjustments of a $75 million asset and a $3 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 8 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c) These amounts include the carrying value of closed portfolios of loan receivables used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At December 31, 2023, and December 31, 2022, the carrying value of the closed portfolios used in these hedging relationships was $54.2 billion and $46.4 billion, respectively, of which $50.0 billion and $46.1 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At December 31, 2023, and December 31, 2022, the total cumulative basis adjustments associated with these hedging relationships was a $93 million liability and a $617 million liability, respectively, of which the portion related to discontinued hedging relationships was a $27 million liability and a $57 million liability, respectively. At December 31, 2023, and December 31, 2022, the notional amounts of the designated hedged items were $23.2 billion and $22.8 billion, respectively, with cumulative basis adjustments of a $66 million liability and a $560 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Statement of Income Presentation The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Consolidated Statement of Income. Year ended December 31, ($ in millions) 2023 2022 2021 Gain (loss) recognized in earnings Interest rate contracts Gain (loss) on mortgage and automotive loans, net $ 18 $ 14 $ (12) Other income, net of losses (1) 8 8 Total interest rate contracts 17 22 (4) Foreign exchange contracts Other operating expenses — 8 (1) Total foreign exchange contracts — 8 (1) Credit contracts Other income, net of losses (5) (2) (24) Total credit contracts (5) (2) (24) Equity contracts Other income, net of losses (11) — — Total equity contracts (11) — — Total gain (loss) recognized in earnings $ 1 $ 28 $ (29) The following table summarizes the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Consolidated Statement of Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on deposits Interest on long-term debt Year ended December 31 , ($ in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ 1 $ 68 Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — — — — — (1) (1) (68) Hedged fixed-rate FHLB advances — — — — — — — — — — (5) — Derivatives designated as hedging instruments on fixed-rate FHLB advances — — — — — — — — — — 5 — Hedged available-for-sale securities — — — 76 (185) (40) — — — — — — Derivatives designated as hedging instruments on available-for-sale securities — — — (76) 185 40 — — — — — — Hedged fixed-rate consumer automotive loans 491 (599) (215) — — — — — — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans (491) 599 215 — — — — — — — — — Total gain on fair value hedging relationships — — — — — — — — — — — — Gain (loss) on cash flow hedging relationships Interest rate contracts Hedged variable rate borrowings Reclassified from accumulated other comprehensive loss into income — — — — — — — — (1) — — — Hedged variable-rate commercial loans Reclassified from accumulated other comprehensive loss into income 14 21 58 — — — — — — — — — Reclassified from accumulated other comprehensive loss into income as a result of a forecasted transaction being probable not to occur — — 4 — — — — — — — — — Other hedged forecasted transactions Reclassified from accumulated other comprehensive loss into income — — — — — — — — — — (1) — Total gain (loss) on cash flow hedging relationships $ 14 $ 21 $ 62 $ — $ — $ — $ — $ — $ (1) $ — $ (1) $ — Total amounts presented in the Consolidated Statement of Income $ 11,020 $ 8,099 $ 6,468 $ 1,022 $ 841 $ 600 $ 5,819 $ 1,987 $ 1,045 $ 1,001 $ 763 $ 860 During the next 12 months, we estimate $12 million of losses will be reclassified into pretax earnings from derivatives designated as cash flow hedges. The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Consolidated Statement of Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Year ended December 31, ($ in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ — $ — $ 9 $ 5 $ 4 Interest for qualifying accounting hedges of unsecured debt — — — — — — — 1 5 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — — 2 (3) (13) Amortization of deferred basis adjustments of available-for-sale securities — — — 23 17 (4) — — — Interest for qualifying accounting hedges of available-for-sale securities — — — 134 (1) (6) — — — Amortization of deferred loan basis adjustments 32 18 (46) — — — — — — Interest for qualifying accounting hedges of consumer automotive loans held for investment 616 129 (122) — — — — — — Total gain (loss) on fair value hedging relationships $ 648 $ 147 $ (168) $ 157 $ 16 $ (10) $ 11 $ 3 $ (4) The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss. Year ended December 31, ($ in millions) 2023 2022 2021 Interest rate contracts Loss recognized in other comprehensive income (loss) $ (36) $ (23) $ (61) The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss. Year ended December 31, ($ in millions) 2023 2022 2021 Foreign exchange contracts (a) (b) (Loss) gain recognized in other comprehensive income (loss) $ (3) $ 8 $ — (a) There were no amounts excluded from effectiveness testing for the years ended December 31, 2023, 2022, or 2021. (b) Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Consolidated Statement of Income. There were no amounts reclassified for the years ended December 31, 2023, 2022, or 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The significant components of income tax expense from continuing operations were as follows. Year ended December 31, ($ in millions) 2023 2022 2021 Current income tax expense U.S. federal $ 85 $ 1 $ 502 Foreign 5 3 4 State and local 36 9 168 Total current expense 126 13 674 Deferred income tax (benefit) expense U.S. federal (57) 493 151 Foreign (1) (1) — State and local (7) 61 (35) Total deferred (benefit) expense (65) 553 116 Other tax expense (a) — 61 — Total income tax expense from continuing operations $ 61 $ 627 $ 790 (a) Represents the realization of stranded tax amounts, under the portfolio method, connected to our qualified defined benefit pension plan that was settled during the year ended December 31, 2022. These stranded tax amounts had accumulated in other comprehensive loss over time. Refer to Note 18 for additional information. A reconciliation of income tax expense from continuing operations with the amounts at the statutory U.S. federal income tax rate is shown in the following table. Year ended December 31, ($ in millions) 2023 2022 2021 Statutory U.S. federal tax expense $ 227 $ 492 $ 810 Change in tax resulting from Tax credits, excluding expirations (133) (73) (58) Valuation allowance change, excluding expirations (91) 54 (78) Nondeductible expenses 44 31 30 Unrecognized tax benefits 38 (4) — Tax law enactment (18) — (1) State and local income taxes, net of federal income tax benefit (4) 77 106 Settlement of qualified defined benefit pension plan — 61 — Other, net (2) (11) (19) Total income tax expense from continuing operations $ 61 $ 627 $ 790 For the year ended December 31, 2023, consolidated income tax expense from continuing operations was largely driven by pretax earnings, partially offset by an income tax benefit related to various tax credits, as well as the release of the valuation allowance on foreign tax credit carryforwards. The release of the valuation allowance was primarily driven by the identification and execution of a tax planning strategy allowing for additional utilization of foreign tax credits. For the year ended December 31, 2022, consolidated income tax expense from continuing operations was largely driven by pretax earnings, the settlement of our qualified defined benefit pension plan, and an increase of the valuation allowance on foreign tax credit carryforwards, partially offset by an income tax benefit related to various tax credits. The increase in the valuation allowance was primarily driven by a reduction in forecasted foreign-sourced income caused by revised estimates from certain previously executed and forecasted securitization transactions. During 2022, we lowered our income tax benefit from these securitization transactions due to the recharacterization of certain income that was previously foreign-sourced income as domestically sourced and higher interest expense assumptions. For the year ended December 31, 2021, consolidated income tax expense from continuing operations was largely driven by pretax earnings for the year, partially offset by an income tax benefit from the release of valuation allowance on foreign tax credit carryforwards during the second quarter of 2021. The release of valuation allowance was primarily driven by an increase in forecasted foreign-sourced income related to our capacity to engage in certain securitization transactions and the market demand from investors related to these transactions, coupled with the anticipated timing of the forecasted expiration of foreign tax credit carryforwards, resulting in a nonrecurring tax benefit. We record rehabilitation, energy, and clean vehicle tax credits as part of our investment tax credit category. Under the flow-through method, the tax credits are recognized as a reduction to current income tax expense. During each of the years ended December 31, 2023, 2022 and 2021, we recorded $4 million of rehabilitation tax credit benefits and $1 million of energy tax credit benefits, respectively. There were no corresponding deferred tax balances for rehabilitation tax credits and energy tax credits as of December 31, 2023, and 2021, due to full utilization. As of December 31, 2022, the deferred tax balance for rehabilitation tax credits and energy tax credits were $4 million and $1 million, respectively. Additionally, during the year ended December 31, 2023, we recorded a $99 million clean vehicle tax credit benefit, with a corresponding deferred tax balance of the same amount. The significant components of deferred tax assets and liabilities are reflected in the following table. December 31, ($ in millions) 2023 2022 Deferred tax assets Adjustments to securities and hedging transactions (a) $ 1,066 $ 1,095 Adjustments to loan value 569 822 Tax credit carryforwards 500 960 State and local taxes 305 310 Fixed assets 165 101 U.S. federal tax loss carryforwards (b) 8 428 Other 418 369 Gross deferred tax assets 3,031 4,085 Valuation allowance (c) (176) (644) Deferred tax assets, net of valuation allowance 2,855 3,441 Deferred tax liabilities Lease transactions 1,134 1,831 Deferred acquisition costs 387 394 Other 121 145 Gross deferred tax liabilities 1,642 2,370 Net deferred tax assets (d) $ 1,213 $ 1,071 (a) Securities include deferred tax assets related to available-for-sale securities, held-to-maturity securities, and equity securities. At December 31, 2023, and 2022, there were $808 million and $1.0 billion of deferred tax assets related to available-for-sale securities, respectively. (b) Primarily the result of switching from 100% bonus depreciation to MACRS depreciation for 2022 operating lease originations at the filing of the 2022 tax return. (c) The valuation allowance decreased $468 million to $176 million at December 31, 2023, as a result of a $359 million reduction related to the expiration of foreign tax credit carryforwards, as well as a $109 million release of valuation allowance predominantly related to the identification and execution of a tax planning strategy. (d) Amounts include $1.2 billion and $1.1 billion of net deferred tax assets included in other assets on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax asset position, and $10 million and $16 million included in accrued expenses and other liabilities on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax liability position at December 31, 2023, and 2022, respectively. As of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization of deferred tax assets. We continue to believe it is more likely than not that the benefit for certain foreign tax credit carryforwards and state net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide a partial valuation allowance on the deferred tax assets relating to these carryforwards and it is reasonably possible that the valuation allowance may change in the next 12 months. The following table summarizes net deferred tax assets including related valuation allowances at December 31, 2023. ($ in millions) Deferred tax asset Valuation allowance Net deferred tax asset Years of expiration Tax credit carryforwards General business credits $ 236 $ — $ 236 2042–2043 Foreign tax credits 136 (41) 95 2024–2033 CAMT credits 128 — 128 Indefinite Total tax credit carryforwards 500 (41) 459 Tax loss carryforwards Net operating losses — state 171 (a) (135) 36 2024–Indefinite Net operating losses — federal 8 — 8 2028–Indefinite Total U.S. federal and state tax loss carryforwards 179 (135) 44 Other net deferred tax assets 710 — 710 n/a Net deferred tax assets (liabilities) $ 1,389 $ (176) $ 1,213 n/a = not applicable (a) State net operating loss carryforwards are included in the state and local taxes and other liabilities totals disclosed in our deferred inventory table above. On August 16, 2022, President Biden signed the Inflation Reduction Act into law. The Inflation Reduction Act includes a new Federal CAMT, first effective in 2023, which is based on 15% of an applicable corporation’s adjusted financial statement income. A corporation is subject to the CAMT if its average pre-tax adjusted financial statement income over the three prior years is greater than $1 billion. A corporation’s CAMT liability is payable to the extent the CAMT liability exceeds the regular corporate income tax liability. Any CAMT paid would be indefinitely available as a credit carryforward that could reduce future regular corporate income tax in excess of CAMT. As an applicable corporation, we recorded a CAMT liability of $128 million and a corresponding deferred tax asset for the CAMT credit carryforward as of December 31, 2023, which resulted in no impact to total income tax expense. As of December 31, 2023, we have recognized insignificant deferred tax liabilities for incremental U.S. federal taxes that stem from temporary differences related to investment in foreign subsidiaries or corporate joint ventures as there is no assertion of indefinite reinvestment outside of the United States. The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. ($ in millions) 2023 2022 2021 Balance at January 1, $ 46 $ 53 $ 53 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 48 2 7 Reductions for tax positions of prior years (2) (2) (7) Settlements (1) (7) — Expiration of statute of limitations — — — Balance at December 31, $ 91 $ 46 $ 53 Included in the unrecognized tax benefits balances are some items, the recognition of which would not affect the effective tax rate, such as the tax effect of certain temporary differences and the portion of gross state unrecognized tax benefits that would be offset by the tax benefit of the associated U.S. federal deduction. The balance of unrecognized tax benefits that, if recognized, would affect our effective tax rate is $75 million for the year ended December 31, 2023, $36 million for the year ended December 31, 2022, and $42 million for the year ended December 31, 2021. We recognize accrued interest and penalties related to uncertain income tax positions in interest expense and other operating expenses, respectively. As of December 31, 2023, the cumulative accrued balance for interest and penalties was $6 million, and interest and penalties of $3 million were accrued during the year ended December 31, 2023. As of December 31, 2022, the cumulative accrued balance for interest and penalties was $3 million, and penalties of $2 million were accrued during the year ended December 31, 2022. As of December 31, 2021, the cumulative accrued balance for interest and penalties was $1 million, and interest and penalties of less than $1 million were accrued during the year ended December 31, 2021. It is reasonably possible that the unrecognized tax benefits will decrease by up to $78 million over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdictions. We file tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. Our most significant operations are in the United States and Canada. The oldest tax years that remain subject to examination for those jurisdictions are 2019 and 2011, respectively. |
Share-based Compensation Plans
Share-based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Compensation Plans | Share-based Compensation Plans Awards of equity-based compensation to our named executive officers and other employees are governed by the Company’s ICP, which was approved by the Company’s stockholders and amended and restated effective as of May 4, 2021. These awards primarily take the form of (1) stock-settled and cash-settled PSUs that vest in whole on the third anniversary of the grant date, subject to the achievement of applicable performance goals and continued employment through that time, and (2) stock-settled RSUs that vest one-third on each of the first, second, and third anniversaries of the grant date, in each case, subject to continued employment through that time. Other awards—such as those granted under our #OwnIt Annual Grant Program—may take the form of RSUs that vest in whole on the third anniversary of the grant date, subject to continued employment through that time. For PSUs and RSUs, any dividends declared over the vesting period are accumulated and paid at or after the time of settlement. All awards under the ICP are structured to align with the Company’s performance, prudent but not excessive risk-taking, long-term value creation for our stockholders, and other elements of our compensation philosophy. Awards also typically include provisions that address vesting and settlement in the case of a qualifying termination or retirement. The ICP is administered by the Compensation, Nominating, and Governance Committee of our Board. At December 31, 2023, we had approximately 35.6 million shares available for future grants of equity-based awards under the ICP. Equity-based awards that settle in Ally common stock are classified as equity awards under GAAP, and the cost of the awards is ratably charged to compensation and benefits expense in our Consolidated Statement of Income over their applicable service period based on the grant date fair value of Ally common stock. Equity-based awards that settle in cash are subject to liability accounting, with the expense adjusted to fair value based on changes in the share price of Ally common stock up to the settlement date. We had non-vested stock-settled and cash-settled PSUs and RSUs outstanding of approximately 6.7 million and 0.4 million, respectively, at December 31, 2023. We recognized expense related to PSUs and RSUs of $127 million, $100 million, and $140 million for the years ended December 31, 2023, 2022, and 2021, respectively. The following table presents the changes in outstanding non-vested PSUs and RSUs activity for share-settled awards during 2023. (in thousands, except per share data) Number of units Weighted-average grant date fair value per share RSUs and PSUs Outstanding non-vested at January 1, 2023 5,088 $ 40.83 Granted 5,314 29.91 Vested (3,291) 34.60 Forfeited (416) 34.56 Outstanding non-vested at December 31, 2023 6,695 35.68 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair Value Measurements For purposes of this disclosure, fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market in an orderly transaction between market participants at the measurement date under current market conditions. Fair value is based on the assumptions we believe market participants would use when pricing an asset or liability. Additionally, entities are required to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring the fair value of a liability. U.S. GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels. Level 1 Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market, and the quoted prices cannot be adjusted by the entity. Level 2 Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management’s best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation. Judgment is used in estimating inputs to our internal valuation models used to estimate our Level 3 fair value measurements. Level 3 inputs such as interest rate movements, prepayment speeds, credit losses, and discount rates are inherently difficult to estimate. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized. The following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models, and significant assumptions utilized. • Equity securities — We hold various marketable equity securities measured at fair value with changes in fair value recognized in net income. Measurements based on observable market prices are classified as Level 1. • Available-for-sale securities — We carry our available-for-sale securities at fair value based on external pricing sources. We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in active markets. We classify our securities as Level 2 when fair value is determined using prices for similar instruments trading in active markets. We perform pricing validation procedures for our available-for-sale securities. • Derivative instruments — We enter into a variety of derivative financial instruments as part of our risk-management strategies. Certain of these derivatives are exchange traded, such as equity options. To determine the fair value of these instruments, we utilize the quoted market prices for those particular derivative contracts; therefore, we classified these contracts as Level 1. We also execute OTC and centrally cleared derivative contracts, such as interest rate swaps, foreign-currency denominated forward contracts, caps, floors, and agency to-be-announced securities. We utilize third-party-developed valuation models that are widely accepted in the market to value these derivative contracts. The specific terms of the contract and market observable inputs (such as interest rate forward curves, interpolated volatility assumptions, or equity pricing) are used in the model. We classified these derivative contracts as Level 2 because all significant inputs into these models were market observable. We also enter into interest rate lock commitments and forward commitments that are executed as part of our mortgage business, certain of which meet the accounting definition of a derivative and therefore are recorded as derivatives on our Consolidated Balance Sheet. Interest rate lock commitments are valued using internal pricing models with unobservable inputs, so they are classified as Level 3. We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases. As part of those agreements, we may be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than what was estimated at the time of acquisition. Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments. The fair value of these liabilities is determined using a discounted cash flow method. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses). These liabilities are valued using internal loss models with unobservable inputs, and are classified as Level 3. We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of derivative assets and liabilities. We reduce credit risk on the majority of our derivatives by entering into legally enforceable agreements that enable the posting and receiving of collateral associated with the fair value of our derivative positions on an ongoing basis. In the event that we do not enter into legally enforceable agreements that enable the posting and receiving of collateral, we will consider our credit risk in the valuation of derivative liabilities through a DVA and the credit risk of our counterparties in the valuation of derivative assets through a CVA, if warranted. When measuring these valuation adjustments, we generally use credit default swap spreads. Recurring Fair Value The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities. Recurring fair value measurements December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) (b) $ 765 $ — $ 1 $ 766 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,075 — — 2,075 U.S. States and political subdivisions — 649 9 658 Foreign government 51 132 — 183 Agency mortgage-backed residential — 15,384 — 15,384 Mortgage-backed residential — 225 — 225 Agency mortgage-backed commercial — 3,758 — 3,758 Asset-backed — 332 — 332 Corporate debt — 1,800 — 1,800 Total available-for-sale securities 2,126 22,280 9 24,415 Mortgage loans held-for-sale (c) — 25 — 25 Other assets Derivative contracts in a receivable position Interest rate — 31 2 33 Total derivative contracts in a receivable position — 31 2 33 Total assets $ 2,891 $ 22,336 $ 12 $ 25,239 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 7 $ — $ 7 Credit contracts — — 10 10 Total derivative contracts in a payable position — 7 10 17 Total liabilities $ — $ 7 $ 10 $ 17 (a) Our direct investment in any one industry did not exceed 11%. The concentration calculation excludes our investment in mutual funds and ETFs. (b) Excludes $44 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy. (c) Carried at fair value due to fair value option elections. Recurring fair value measurements December 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) (b) $ 642 $ — $ 1 $ 643 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,016 — — 2,016 U.S. States and political subdivisions — 756 4 760 Foreign government 39 107 — 146 Agency mortgage-backed residential — 16,633 — 16,633 Mortgage-backed residential — 4,299 — 4,299 Agency mortgage-backed commercial — 3,535 — 3,535 Asset-backed — 433 — 433 Corporate debt — 1,719 — 1,719 Total available-for-sale securities 2,055 27,482 4 29,541 Mortgage loans held-for-sale (c) — 13 — 13 Finance receivables and loans, net Consumer other (c) — — 3 3 Other assets Derivative contracts in a receivable position Interest rate — 22 — 22 Equity contracts 1 — — 1 Total derivative contracts in a receivable position 1 22 — 23 Total assets $ 2,698 $ 27,517 $ 8 $ 30,223 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 2 $ — $ 2 Credit contracts — — 39 39 Equity contracts 1 — — 1 Total derivative contracts in a payable position 1 2 39 42 Total liabilities $ 1 $ 2 $ 39 $ 42 (a) Our direct investment in any one industry did not exceed 15%. The concentration calculation excludes our investment in mutual funds and ETFs. (b) Excludes $38 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy. (c) Carried at fair value due to fair value option elections. The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities. Equity securities (a) Available-for-sale securities Finance receivables and loans, net (b) (c) ($ in millions) 2023 2022 2023 2022 2023 2022 Assets Fair value at January 1, $ 1 $ 9 $ 4 $ 9 $ 3 $ 7 Net realized/unrealized gains (losses) Included in earnings — 1 — — — (1) Included in OCI — — — — — — Purchases — — 5 6 — 12 Sales — (9) — — — — Issuances — — — — — — Settlements — — — (11) (3) (15) Transfers into Level 3 — — — — — — Transfers out of Level 3 — — — — — — Fair value at December 31, $ 1 $ 1 $ 9 $ 4 $ — $ 3 Net unrealized losses still held at December 31, Included in earnings $ — $ — $ — $ — $ — $ — Included in OCI — — — — — — (a) Net realized/unrealized gains are reported as other gain (loss) on investments, net, in the Consolidated Statement of Income. (b) Carried at fair value due to fair value option elections. (c) Net realized/unrealized losses are reported as other income, net of losses, in the Consolidated Statement of Income. Derivative liabilities, net of derivative assets (a) ($ in millions) 2023 2022 Liabilities Fair value at January 1, $ 39 $ 53 Net realized/unrealized gains Included in earnings (11) (5) Included in OCI — — Purchases — — Sales — — Issuances — — Settlements (34) (19) Transfers into Level 3 — — Transfers out of Level 3 (b) 14 10 Fair value at December 31, $ 8 $ 39 Net unrealized gains still held at December 31, Included in earnings $ (7) $ (11) Included in OCI — — (a) Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Consolidated Statement of Income. (b) Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during the years ended December 31, 2023, and December 31, 2022. These transfers are deemed to have occurred at the end of the reporting period. Nonrecurring Fair Value We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute nonrecurring fair value measures. The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at December 31, 2023, and December 31, 2022, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. This table excludes assets of operations held-for-sale and refer to Note 2 for additional information. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 375 $ 375 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 6 6 — n/m (a) Other — — 49 49 (43) n/m (a) Total commercial finance receivables and loans, net — — 55 55 (43) n/m (a) Other assets Nonmarketable equity investments — — 1 1 1 n/m (a) Repossessed and foreclosed assets (c) — — 10 10 (1) n/m (a) Total assets $ — $ — $ 441 $ 441 $ (43) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 641 $ 641 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 3 3 — n/m (a) Other — — 39 39 (89) n/m (a) Total commercial finance receivables and loans, net — — 42 42 (89) n/m (a) Other assets Nonmarketable equity investments — — 12 12 3 n/m (a) Repossessed and foreclosed assets (c) — — 5 5 — n/m (a) Total assets $ — $ — $ 700 $ 700 $ (86) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. Fair Value Option for Financial Assets We elected the fair value option for an insignificant amount of conforming mortgage loans held-for-sale and certain personal lending finance receivables. We elected the fair value option for conforming mortgage loans held-for-sale to mitigate earnings volatility by better matching the accounting for the assets with the related derivatives. We elected the fair value option for certain personal lending finance receivables to mitigate the complexities of recording these loans at amortized cost. Our intent in electing fair value measurement was to mitigate a divergence between accounting gains or losses and economic exposure for certain assets and liabilities. Fair Value of Financial Instruments The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. This table excludes assets of operations held-for-sale and refer to Note 2 for additional information. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at December 31, 2023, and December 31, 2022. Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total December 31, 2023 Financial assets Held-to-maturity securities $ 4,680 $ — $ 4,729 $ — $ 4,729 Loans held-for-sale, net 375 — — 375 375 Finance receivables and loans, net 135,852 — — 137,244 137,244 FHLB/FRB stock (a) 784 — 784 — 784 Financial liabilities Deposit liabilities $ 55,187 $ — $ — $ 55,311 $ 55,311 Short-term borrowings 3,297 — — 3,335 3,335 Long-term debt 17,570 — 12,789 5,749 18,538 December 31, 2022 Financial assets Held-to-maturity securities $ 1,062 $ — $ 884 $ — $ 884 Loans held-for-sale, net 641 — — 641 641 Finance receivables and loans, net 132,034 — — 133,856 133,856 FHLB/FRB stock (a) 719 — 719 — 719 Financial liabilities Deposit liabilities $ 42,336 $ — $ — $ 41,909 $ 41,909 Short-term borrowings 2,399 — — 2,417 2,417 Long-term debt 17,762 — 12,989 5,263 18,252 (a) Included in other assets on our Consolidated Balance Sheet. In addition to the financial instruments presented in the above table, we have various financial instruments for which the carrying value approximates the fair value due to their short-term nature and limited credit risk. These instruments include cash and cash equivalents, restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short-term receivables and payables. Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. Classified as Level 1 under the fair value hierarchy, cash and cash equivalents generally expose us to limited credit risk and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
Offsetting Assets and Liabilities | Offsetting Assets and Liabilities Our derivative contracts and repurchase/reverse repurchase transactions are generally supported by qualifying master netting and master repurchase agreements. These agreements are legally enforceable bilateral agreements that (i) create a single legal obligation for all individual transactions covered by the agreement to the nondefaulting entity upon an event of default of the counterparty, including bankruptcy, insolvency, or similar proceeding, and (ii) provide the nondefaulting entity the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to liquidate or set off collateral promptly upon an event of default of the counterparty. To further mitigate the risk of counterparty default related to derivative instruments, we maintain collateral agreements with certain counterparties. The agreements require both parties to maintain collateral in the event the fair values of the derivative financial instruments meet established thresholds. In the event that either party defaults on the obligation, the secured party may seize the collateral. Generally, our collateral arrangements are bilateral such that we and the counterparty post collateral for the obligation. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. A party posts additional collateral when their obligation rises or removes collateral when it falls, such that the net replacement cost of the nondefaulting party is covered in the event of counterparty default. In certain instances, as it relates to our derivative instruments, we have the option to report derivative assets and liabilities as well as assets and liabilities associated with cash collateral received or delivered that is governed by a master netting agreement on a net basis as long as certain qualifying criteria are met. Similarly, for our repurchase/reverse repurchase transactions, we have the option to report recognized assets and liabilities subject to a master netting agreement on a net basis if certain qualifying criteria are met. At December 31, 2023, these instruments are reported as gross assets and gross liabilities on the Consolidated Balance Sheet. For additional information on derivative instruments and hedging activities, refer to Note 21. The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Consolidated Balance Sheet Gross amounts not offset on the Consolidated Balance Sheet December 31, ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount 2023 Assets Derivative assets (d) $ 33 $ — $ 33 $ — $ (31) $ 2 Total assets $ 33 $ — $ 33 $ — $ (31) $ 2 Liabilities Derivative liabilities (e) $ 17 $ — $ 17 $ — $ (6) $ 11 Securities sold under agreements to repurchase (f) 747 — 747 — (747) — Total liabilities $ 764 $ — $ 764 $ — $ (753) $ 11 2022 Assets Derivative assets $ 23 $ — $ 23 $ (1) $ (22) $ — Total assets $ 23 $ — $ 23 $ (1) $ (22) $ — Liabilities Derivative liabilities (e) $ 42 $ — $ 42 $ (1) $ (1) $ 40 Securities sold under agreements to repurchase (f) 499 — 499 — (499) — Total liabilities $ 541 $ — $ 541 $ (1) $ (500) $ 40 (a) Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty. (b) Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record noncash collateral received on our Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. (d) Includes derivative assets with no offsetting arrangements of $2 million as of December 31, 2023. (e) Includes derivative liabilities with no offsetting arrangements of $10 million and $39 million as of December 31, 2023, and December 31, 2022, respectively. (f) For additional information on securities sold under agreements to repurchase, refer to Note 15. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses incurred for which discrete financial information is available that is evaluated regularly by our chief operating decision maker in deciding how to allocate resources and in assessing performance. We report our results of operations on a business-line basis through four operating segments: Automotive Finance operations, Insurance operations, Mortgage Finance operations, and Corporate Finance operations, with the remaining activity reported in Corporate and Other. The operating segments are determined based on the products and services offered, and reflect the manner in which financial information is currently evaluated by management. The following is a description of each of our reportable operating segments. Dealer Financial Services Dealer Financial Services comprises the following two segments. • Automotive Finance operations — One of the largest full-service automotive finance operations in the United States providing automotive financing services to consumers, automotive dealers and retailers, companies, and municipalities. Our automotive finance services include providing retail installment sales contracts, loans and operating leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, warehouse lines to automotive retailers, fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and vehicle-remarketing services. • Insurance operations — A complementary automotive-focused business offering both consumer finance protection and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold directly to dealers. As part of our focus on offering dealers a broad range of consumer financial and insurance products, we provide VSCs, VMCs, and GAP products. We also underwrite select commercial insurance coverages, which primarily insure dealers’ vehicle inventory. Mortgage Finance operations Our held-for-investment portfolio includes our direct-to-consumer Ally Home mortgage offering and bulk purchases of high-quality jumbo and LMI mortgage loans originated by third parties. Through our direct-to-consumer channel, we offer a variety of competitively priced jumbo and conforming fixed- and adjustable-rate mortgage products through a third party. Through the bulk loan channel, we purchase loans from several qualified sellers, on a servicing-released basis, allowing us to directly oversee servicing activities and manage refinancing through our direct-to-consumer channel. Corporate Finance operations Our Corporate Finance operations provide senior secured asset-based and leveraged cash flow loans to mostly U.S.-based middle-market companies, with a focus on businesses owned by private equity sponsors. These loans are typically used for leveraged buyouts, refinancing and recapitalizations, mergers and acquisitions, growth, turnarounds, and debtor-in-possession financings. We also provide, through our Lender Finance business, nonbank wholesale-funded managers with partial funding for their direct-lending activities, which is principally leveraged loans. Additionally, we offer a commercial real estate product, currently focused on lending to skilled nursing facilities, senior housing, and medical office buildings. Corporate and Other Corporate and Other primarily consists of centralized corporate treasury activities, such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, which primarily consist of FHLB and FRB stock—as well as other equity investments through Ally Ventures, our strategic investment business—and the management of our legacy mortgage portfolio, which primarily consists of loans originated prior to January 1, 2009, and reclassifications and eliminations between the reportable operating segments. Financial results related to Ally Invest, our digital brokerage and advisory offering, Ally Lending, our point-of-sale financing business, Ally Credit Card, and CRA loans and investments are also included within Corporate and Other. On December 31, 2023, we committed to sell our Ally Lending business and reclassified to held-for-sale. Refer to Note 2 for additional information. We utilize an FTP methodology for the majority of our business operations. The FTP methodology assigns charge rates and credit rates to classes of assets and liabilities on a match funded basis, aligned with the expected duration and the benchmark rate curve plus an assumed credit spread. Match funding allocates interest income and interest expense to these reportable segments so their respective results are insulated from interest rate and liquidity risk. This methodology is consistent with our ALM practices, which includes managing interest rate risk centrally at a corporate level. While the baseline FTP components at Ally assume 100% debt funding, the framework also incorporates a credit on the allocated capital for each business line. For business lines not subject to an FTP funding allocation, the FTP methodology applies a capital charge to the amount of excess liquidity that the business line holds, relative to its regulatory capital. This reduces the allocated interest expense to account for the equity that must be held based on Ally’s internal capital requirement. The net residual impact of the FTP methodology is included within the results of Corporate and Other. The information presented in our reportable operating segments is based in part on internal allocations and methodologies, including a COH methodology, which involves management judgment. COH methodology is used for measuring the profit and loss of our reportable operating segments. We have various enterprise functions, such as technology, marketing, finance, compliance, internal audit, and risk. Operating expenses from the enterprise functions are either directly allocated to the reportable operating segment, indirectly allocated to the reportable operating segment utilizing the COH methodology, or remain in Corporate and Other. COH methodology considers the reportable operating segment expense base and enterprise function expenses. The reportable operating segment expense base is used to determine the allocation mix. This mix is applied to the allocable expenses in Corporate and Other to determine the COH for the respective reportable operating segment. Allocable enterprise function costs are primarily technology and marketing expenses. Generally, costs that remain within Corporate and Other that are not allocated to our reportable operating segments include marketing sponsorships, treasury and other corporate activities, and charitable contributions. Financial information for our reportable operating segments is summarized as follows. Year ended December 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2023 Net financing revenue and other interest income $ 5,361 $ 117 $ 211 $ 397 $ 115 $ 6,201 Other revenue 321 1,428 16 104 144 2,013 Total net revenue 5,682 1,545 227 501 259 8,214 Provision for credit losses 1,618 — (3) 52 301 1,968 Total noninterest expense (b) 2,450 1,332 138 142 1,101 5,163 Income (loss) from continuing operations before income tax expense $ 1,614 $ 213 $ 92 $ 307 $ (1,143) $ 1,083 Total assets $ 115,387 $ 9,081 $ 18,512 $ 11,212 $ 42,200 $ 196,392 2022 Net financing revenue and other interest income $ 5,224 $ 89 $ 221 $ 334 $ 982 $ 6,850 Other revenue 306 1,023 27 122 100 1,578 Total net revenue 5,530 1,112 248 456 1,082 8,428 Provision for credit losses 1,036 — 3 43 317 1,399 Total noninterest expense 2,244 1,150 190 131 972 4,687 Income (loss) from continuing operations before income tax expense $ 2,250 $ (38) $ 55 $ 282 $ (207) $ 2,342 Total assets $ 111,463 $ 8,659 $ 19,529 $ 10,544 $ 41,631 $ 191,826 2021 Net financing revenue and other interest income $ 5,209 $ 59 $ 124 $ 308 $ 467 $ 6,167 Other revenue 251 1,345 94 128 221 2,039 Total net revenue 5,460 1,404 218 436 688 8,206 Provision for credit losses 53 — (1) 38 151 241 Total noninterest expense 2,023 1,061 187 116 723 4,110 Income (loss) from continuing operations before income tax expense $ 3,384 $ 343 $ 32 $ 282 $ (186) $ 3,855 Total assets $ 103,653 $ 9,381 $ 17,847 $ 7,950 $ 43,283 $ 182,114 (a) Net financing revenue and other interest income after the provision for credit losses totaled $4.2 billion, $5.5 billion, and $5.9 billion for the years ended December 31, 2023, 2022, and 2021, respectively. (b) |
Parent Company Condensed Financ
Parent Company Condensed Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Condensed Financial Information | Parent Company Condensed Financial Information The following tables present standalone condensed financial statements for Ally Financial Inc. (referred to within this section as the Parent). These condensed statements are provided in accordance with SEC rules, which require disclosure when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets, and should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements. For purposes of these condensed financial statements, the Parent’s wholly owned subsidiaries are presented in accordance with the equity method of accounting. Condensed Statement of Comprehensive Income (Loss) Year ended December 31, ($ in millions) 2023 2022 2021 Net financing loss and other interest income (a) $ (945) $ (1,000) $ (1,070) Dividends from bank subsidiaries 1,350 3,150 3,450 Dividends from nonbank subsidiaries 250 1 27 Total other revenue 169 103 243 Total net revenue 824 2,254 2,650 Provision for credit losses (14) (32) (106) Total noninterest expense 466 665 650 Income from continuing operations before income tax benefit and undistributed income (loss) of subsidiaries 372 1,621 2,106 Income tax benefit from continuing operations (b) (408) (253) (412) Net income from continuing operations 780 1,874 2,518 Loss from discontinued operations, net of tax (2) (1) (5) Equity in undistributed earnings of subsidiaries 242 (159) 547 Net income 1,020 1,714 3,060 Other comprehensive income (loss), net of tax 243 (3,901) (789) Comprehensive income (loss) $ 1,263 $ (2,187) $ 2,271 (a) Net financing loss and other interest income is primarily driven by interest expense on long-term debt. (b) There is a significant variation in the customary relationship between pretax income and income tax benefit due to our accounting policy elections and consolidated tax adjustments. The income tax benefit excludes tax effects on dividends from subsidiaries. Condensed Balance Sheet December 31, ($ in millions) 2023 2022 Assets Cash and cash equivalents (a) $ 3,911 $ 3,333 Equity securities 16 — Finance receivables and loans, net of unearned income 1,478 560 Allowance for loan losses 22 23 Total finance receivables and loans, net 1,500 583 Investments in subsidiaries Bank subsidiaries 13,692 13,197 Nonbank subsidiaries 4,503 5,191 Intercompany receivables from subsidiaries 263 223 Investment in operating leases, net 16 21 Other assets 1,536 1,307 Total assets $ 25,437 $ 23,855 Liabilities and equity Long-term debt (b) $ 10,427 $ 10,035 Interest payable 98 84 Intercompany debt to subsidiaries 772 545 Intercompany payables to subsidiaries 41 41 Accrued expenses and other liabilities 333 291 Total liabilities 11,671 10,996 Total equity 13,766 12,859 Total liabilities and equity $ 25,437 $ 23,855 (a) Includes $3.9 billion and $3.3 billion deposited by the Parent at Ally Bank as of December 31, 2023, and 2022, respectively. These funds are available to the Parent for liquidity purposes. (b) Includes $2.0 billion of the outstanding principal balance of senior notes fully and unconditionally guaranteed by subsidiaries of the Parent as of both December 31, 2023, and 2022. Condensed Statement of Cash Flows Year ended December 31, ($ in millions) 2023 2022 2021 Operating activities Net cash provided by operating activities $ 879 $ 1,733 $ 3,753 Investing activities Proceeds from sales of finance receivables and loans initially held-for-investment 1 64 378 Originations and repayments of finance receivables and loans held-for-investment and other, net (37) (7) 189 Net change in loans — intercompany (290) (65) (10) Purchases of equity securities — — (8) Proceeds from sales of equity securities 5 1 — Capital contributions to subsidiaries (8) — — Returns of contributed capital 1 52 24 Net change in nonmarketable equity investments (2) 8 29 Other, net (10) (27) 44 Net cash (used in) provided by investing activities (340) 26 646 Financing activities Net change in short-term borrowings — — (2,136) Proceeds from issuance of long-term debt 2,410 1,655 765 Repayments of long-term debt (2,087) (1,088) (777) Net change in debt — intercompany 227 (496) (336) Repurchase of common stock (33) (1,650) (1,994) Preferred stock issuance — — 2,324 Trust preferred securities redemption — — (2,710) Common stock dividends paid (368) (384) (324) Preferred stock dividends paid (110) (110) (57) Net cash provided by (used in) financing activities 39 (2,073) (5,245) Net increase (decrease) in cash and cash equivalents and restricted cash 578 (314) (846) Cash and cash equivalents and restricted cash at beginning of year 3,366 3,680 4,526 Cash and cash equivalents and restricted cash at end of year $ 3,944 $ 3,366 $ 3,680 The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Balance Sheet to the Condensed Statement of Cash Flows. Year ended December 31, ($ in millions) 2023 2022 Cash and cash equivalents on the Condensed Balance Sheet $ 3,911 $ 3,333 Restricted cash included in other assets on the Condensed Balance Sheet (a) 33 33 Total cash and cash equivalents and restricted cash in the Condensed Statement of Cash Flows $ 3,944 $ 3,366 (a) Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 13 for additional details describing the nature of restricted cash balances. |
Guarantees and Commitments
Guarantees and Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees and Product Warranties [Abstract] | |
Guarantees and Commitments | Guarantees and Commitments Guarantees Guarantees are defined as contracts or indemnification agreements that contingently require us to make payments to third parties based on changes in the underlying agreements with the guaranteed parties. The following summarizes our outstanding guarantees, including those of our discontinued operations, made to third parties on our Consolidated Balance Sheet, for the periods shown. 2023 2022 December 31, ($ in millions) Maximum liability Carrying value of liability Maximum liability Carrying value of liability Standby letters of credit and other guarantees $ 259 $ — $ 272 $ 1 Our Corporate Finance operations has exposure to standby letters of credit that represent irrevocable guarantees of payment of specified financial obligations. Third-party beneficiaries primarily accept standby letters of credit as insurance in the event of nonperformance by our borrowers. Our borrowers may request letters of credit under their revolving loan facility up to a certain sub-limit amount. We may also require collateral to be posted by our borrowers. We received $3 million of cash collateral related to these letters of credit at December 31, 2023. Expiration dates on letters of credit range from certain ongoing commitments that will expire during the upcoming year to terms of several years for certain letters of credit. If the beneficiary draws under a letter of credit, we will be liable to the beneficiary for payment of the amount drawn under such letter of credit, with our recourse being a charge to the borrower’s loan facility or transfer of ownership to us of the related collateral. As many of these commitments are subject to borrowing base agreements and other restrictive covenants or may expire without being fully drawn, the stated amounts of the letters of credit are not necessarily indicative of future cash requirements. In connection with our Ally Invest advisory offering, we introduce customer securities accounts to a clearing broker, which clears and maintains custody of all customer assets and account activity. We are responsible for obtaining from each customer funds or securities as are required to be deposited or maintained in their accounts. As a result, we are liable for any loss, liability, damage, cost, or expense incurred or sustained by the clearing broker as a result of the failure of any customer to timely make payments or deposits of securities to satisfy their contractual obligations. In addition, customer securities activities are transacted on either a cash or margin basis. In margin transactions, we may extend credit to the customer, through our clearing broker, subject to various regulatory rules and margin lending practices, collateralized by cash and securities in the customer’s account. In connection with these activities, we also execute customer transactions involving the sale of securities not yet purchased. These transactions may expose us to credit risk in the event the customer’s assets are not sufficient to fully cover losses, which the customer may incur. In the event the customer fails to satisfy its obligations, we will purchase or sell financial instruments in the customer’s account in order to fulfill the customer’s obligations. The maximum potential exposure under these arrangements is difficult to estimate; however, the potential for us to incur material losses pursuant to these arrangements is remote. Commitments Financing Commitments The contractual commitments were as follows. December 31, ($ in millions) 2023 2022 Unused revolving credit line commitments and other (a) (b) $ 10,658 $ 9,156 Commitments to provide capital to investees (c) 1,191 1,112 Construction-lending commitments (d) 168 178 Home equity lines of credit (e) 134 145 Mortgage loan origination commitments (f) 29 14 (a) The unused portion of revolving lines of credit reset at prevailing market rates and, approximate fair value. (b) Includes $68 million of financing commitments related to our Ally Lending business, which was transferred to operations held-for-sale as of December 31, 2023. Refer to Note 2 for additional information. (c) We are committed to contribute capital to certain investees. (d) We are committed to fund the remaining unused balance while loans are in the construction period. (e) We are committed to fund the remaining unused balances on home equity lines of credit. (f) Commitments with mortgage loan applicants in which the loan terms, including interest rate and price, are guaranteed for a designated period of time subject to the completion of underwriting procedures. Revolving credit line commitments contain an element of credit risk. We manage the credit risk for unused revolving credit line commitments by applying the same credit policies in making commitments as we do for extending loans. The information presented above excludes the unused portion of commitments that are unconditionally cancelable by us. We had $18.7 billion and $23.6 billion of unfunded commitments related to unconditionally cancelable arrangements at December 31, 2023, and 2022, respectively, which primarily consisted of wholesale floorplan financing and consumer credit card lines. Lease Commitments For details about our future minimum payments under operating leases with noncancelable lease terms, refer to Note 10. Contractual Commitments We have entered into multiple agreements for sponsorship, information technology, voice and communication technology, and related maintenance. Many of the agreements are subject to variable price provisions, fixed or minimum price provisions, and termination or renewal provisions. The following table presents our total future payment obligations expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 263 2025 235 2026 174 2027 85 2028 42 Total future payment obligations $ 799 |
Contingencies and Other Risks
Contingencies and Other Risks | 12 Months Ended |
Dec. 31, 2023 | |
Loss Contingency [Abstract] | |
Contingencies and Other Risks | Contingencies and Other Risks Concentration with GM and Stellantis While we continue to diversify our automotive finance and insurance businesses and expand into other financial services, GM and Stellantis dealers and their retail customers continue to constitute a significant portion of our customer base. GM, Stellantis, and their captive finance companies compete vigorously with us and could take further actions that negatively impact the amount of business that we do with GM and Stellantis dealers and their customers. A significant adverse change in GM’s or Stellantis’ business—including, for example, in the production or sale of GM or Stellantis vehicles, the quality or resale value of GM or Stellantis vehicles, GM’s or Stellantis’ relationships with its key suppliers, or the rate or volume of recalls of GM or Stellantis vehicles—could negatively impact our GM and Stellantis dealer and retail customer bases and the value of collateral securing our extensions of credit to them. Any future reductions in GM and Stellantis business that we are not able to offset could adversely affect our business and financial results. Legal Matters and Other Contingencies As a financial-services company, we are regularly involved in pending or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. These legal matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Our legal matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, tax, employment, and other laws—and some can present novel legal theories and allege substantial or indeterminate damages. Ally and its subsidiaries, including Ally Bank, also are or may be subject to potential liability under other contingent exposures, including indemnification, tax, self-insurance, and other miscellaneous contingencies. We accrue for a legal matter or other contingent exposure when a loss becomes probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel. No assurance exists that our accruals will not need to be adjusted in the future. When a probable or reasonably possible loss on a legal matter or other contingent exposure could be material to our consolidated financial condition, results of operations, or cash flows, we provide disclosure in this note as prescribed by ASC Topic 450, Contingencies . Refer to Note 1 for additional information related to our policy for establishing accruals. The course and outcome of legal matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. Other contingent exposures and their ultimate resolution are similarly unpredictable for reasons that can vary based on the circumstances. As a result, we often are unable to determine how or when threatened or pending legal matters and other contingent exposures will be resolved and what losses may be incrementally and ultimately incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters and other exposures, possibly to a significant degree. Subject to the foregoing, based on our current knowledge and after consultation with counsel, we do not believe that the ultimate outcomes of currently threatened or pending legal matters and other contingent exposures are likely to be material to our consolidated financial condition after taking into account existing accruals. In light of the uncertainties inherent in these matters and other exposures, however, one or more of them could be material to our results of operations or cash flows during a particular reporting period, depending on factors such as the amount of the loss or liability and the level of our income for that period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Declaration of Common Dividend On January 11, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend was paid on February 15, 2024, to stockholders of record at the close of business on February 1, 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 1,020 | $ 1,714 | $ 3,060 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business, Basi_2
Description of Business, Basis of Presentation, and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The Consolidated Financial Statements include the accounts of the parent and its consolidated subsidiaries, of which it is deemed to possess control, after eliminating intercompany balances and transactions, and include all VIEs in which we are the primary beneficiary. Refer to Note 11 for further details on our VIEs. Other entities in which we have invested and have the ability to exercise significant influence over operating and financial policies of the investee, but upon which we do not possess control, are accounted for using the equity method of accounting within the financial statements and are therefore not consolidated. |
Basis of Presentation | Our accounting and reporting policies conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Consolidated Financial Statements. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure, including those of contingent assets and liabilities at the date of the financial statements. It also includes estimates related to the income and expenses during the reporting period and the related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, the valuations of automotive operating lease assets and residuals, the fair value of financial instruments, and the determination of the provision for income taxes. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash on deposit at other financial institutions, cash items in process of collection, and certain highly liquid investments with original maturities of three months or less from the date of purchase. The book value of cash equivalents approximates fair value because of the short maturities of these instruments and the insignificant risk they present to changes in value with respect to changes in interest rates. We may hold securities with original maturities of three months or less from the date of purchase that are held as part of a longer-term investment strategy and classify them as investment securities. We also hold cash and cash equivalents with legal restrictions limiting our ability to withdraw and use the funds. This includes restricted cash held for securitization trusts and restricted cash and cash equivalents, which are presented as other assets on our Consolidated Balance Sheet. |
Investment Securities | Investment Securities Our investment securities portfolio includes various debt securities. Debt securities are classified based on management’s intent to sell or hold the security. We classify debt securities as held-to-maturity only when we have both the intent and ability to hold the securities to maturity. We classify debt securities as trading when the securities are acquired for the purpose of selling or holding them for a short period of time. Debt securities not classified as either held-to-maturity or trading are classified as available-for-sale. Available-for-sale securities are carried at fair value with unrealized gains and losses included in accumulated other comprehensive income, while our held-to-maturity securities are carried at amortized cost. We establish an allowance for credit losses for lifetime expected credit losses on our held-to-maturity securities, as necessary. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Accrued interest receivable on held-to-maturity securities is excluded from the estimate of credit losses. Our held-to-maturity securities portfolio is mostly composed of U.S. government (issued by U.S. government entities or agencies) and non-agency mortgage-backed residential debt securities. U.S. government securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major ratings agencies, and have a long history of zero credit losses and therefore generally do not require an allowance for credit losses. We regularly assess our available-for-sale securities for impairment. When the amortized cost basis of an available-for-sale security exceeds its fair value, the security is impaired. If we determine that we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of the amortized cost basis, any previously recorded allowance for credit losses is written off and the security’s amortized cost basis is written down to fair value at the reporting date, with any incremental impairment recorded through earnings. Alternatively, if we do not intend to sell, or it is not more likely than not that we will be required to sell the security before anticipated recovery of the amortized cost basis, we evaluate, among other factors, the magnitude of the decline in fair value, the financial health of and business outlook for the issuer, and the performance of the underlying assets for interests in securitized assets to determine if a credit loss has occurred. The present value of expected future cash flows are compared to the security’s amortized cost basis to measure the credit loss component of the impairment after determining a credit loss has occurred. If the present value of expected cash flows is less than the amortized cost basis, we record an allowance for credit losses for that difference. The amount of credit loss is limited to the difference between the security’s amortized cost basis and its fair value. Any remaining impairment that is due to factors other than a credit loss, such as changes in market interest rates, is recorded in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for, or reversal of, provision for credit losses. Accrued interest receivable on available-for-sale securities is excluded from the estimate of credit losses. Premiums and discounts on debt securities are generally amortized over the stated maturity of the security as an adjustment to investment yield. Premiums on debt securities that have non-contingent call features that are callable at fixed prices on preset dates are amortized to the earliest call date as an adjustment to investment yield. A debt security is generally placed on nonaccrual status at the time any principal or interest payments become 90 days past due. The receivable for interest income that is accrued but not collected is reversed against interest income when the debt security is placed on nonaccrual status. Realized gains and losses on the sale of debt securities are determined using the specific identification method and are reported in other (loss) gain on investments, net in our Consolidated Statement of Income. |
Equity Securities and Nonmarketable Equity Investments | Equity Securities and Nonmarketable Equity Investments Equity securities that have a readily determinable fair value are recorded at fair value with changes in fair value recorded in earnings and reported in other gain on investments, net in our Consolidated Statement of Income. These investments are included in equity securities on our Consolidated Balance Sheet. In some instances, we may account for equity securities using the net asset value practical expedient to estimate fair value. Realized gains and losses on the sale of equity securities with a readily determinable fair value and equity securities measured using the net asset value practical expedient are determined using the specific identification method and are reported in other (loss) gain on investments, net in our Consolidated Statement of Income. Refer to Note 24 for further information on equity securities that are held at fair value. Our nonmarketable equity investments include investments in FHLB and FRB stock held to meet regulatory requirements and other equity investments that do not have a readily determinable fair value. Our investments in FHLB and FRB stock are carried at cost, less impairment, if any. Our remaining nonmarketable equity investments are recorded at cost, less impairment and adjusted for observable price changes under the measurement alternative provided under U.S. GAAP. These investments, along with our investments in FHLB and FRB stock, are included in nonmarketable equity investments in other assets on our Consolidated Balance Sheet. Investments recorded under the measurement alternative are also reviewed at each reporting period to determine if any adjustments are required for observable price changes in identical or similar securities of the same issuer. As conditions warrant, we review these investments, as well as investments in FHLB and FRB stock, for impairment and adjust the carrying value of the investment if it is deemed to be impaired. Adjustments related to observable price changes or impairment on securities using the measurement alternative and FHLB and FRB stock are recorded in earnings and reported in other income, net of losses in our Consolidated Statement of Income. Realized gains and losses on the sale of nonmarketable equity investments are also recorded in earnings and reported in other income, net of losses in our Consolidated Statement of Income. |
Finance Receivables and Loans | Finance Receivables and Loans We initially classify finance receivables and loans as either loans held-for-sale or loans held-for-investment based on management’s assessment of our intent and ability to hold the loans for the foreseeable future or until maturity. Management’s view of the foreseeable future is based on the longest reliable forecasted period, including events known when performing periodic evaluations. Management’s intent and ability with respect to certain loans may change from time to time depending on a number of factors, for example, economic, liquidity, and capital conditions. In order to reclassify loans to held-for-sale, management must have the intent to sell the loans and must reasonably identify the specific loans to be sold. Loans classified as held-for-sale are presented as loans held-for-sale, net on our Consolidated Balance Sheet and are carried at the lower of their net carrying value or fair value, unless the fair value option was elected, in which case those loans are carried at fair value. For loans originated as held-for-sale for which we have not elected the fair value option, loan origination fees and costs are included in the initial carrying value. For held-for-sale loans for which we have elected the fair value option, loan origination fees and costs are recognized in earnings when earned or incurred. We have elected the fair value option for conforming mortgage direct-to-consumer originations for which we have a commitment to sell. The interest rate lock commitment that we enter into for a mortgage loan originated as held-for-sale and certain forward commitments are considered derivatives, which are carried at fair value on our Consolidated Balance Sheet. We have elected the fair value option to measure our nonderivative forward commitments. Changes in the fair value of our interest rate lock commitments, derivative forward commitments, and nonderivative forward commitments related to mortgage loans originated as held-for-sale, as well as changes in the carrying value of loans classified as held-for-sale, are reported through gain on mortgage and automotive loans, net in our Consolidated Statement of Income. Interest income on our loans classified as held-for-sale is recognized based upon the contractual rate of interest on the loan and the unpaid principal balance. We report accrued interest receivable on our loans classified as held-for-sale in other assets on our Consolidated Balance Sheet. Loans classified as held-for-investment are presented as finance receivables and loans, net on our Consolidated Balance Sheet. Finance receivables and loans are reported at their amortized cost basis, which includes the principal amount outstanding, net of unamortized deferred fees and costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal net charge-offs. We refer to the amortized cost basis less the allowance for loan losses as the net carrying value in finance receivables and loans. Unearned rate support received from automotive manufacturers on certain automotive loans, deferred origination fees and costs, and premiums and discounts on purchased loans, are amortized over the contractual life of the related finance receivable or loan using the effective interest method. We make various incentive payments for consumer automotive loan originations to automotive dealers and account for these payments as direct loan origination costs. Additionally, we make incentive payments to certain commercial automobile wholesale borrowers and account for these payments as a reduction to interest income in the period they are earned. Interest income on our finance receivables and loans is recognized based on the contractual rate of interest plus the amortization of deferred amounts using the effective interest method, except for origination fees and costs on our credit card loans, which amortize straight line over a twelve-month period. In addition, annual fees on credit cards are amortized into other income, net of losses over a twelve-month period. We report accrued interest receivable on our finance receivables and loans in other assets on our Consolidated Balance Sheet, except for billed interest on our credit card loans, which is included in finance receivables and loans, net. Loan commitment fees are generally deferred and amortized over the commitment period. For information on finance receivables and loans, refer to Note 9. We have elected to exclude accrued interest receivable from the measurement of our allowance for loan losses for each class of financing receivables, except for billed interest on our credit card loans, which is included in finance receivables and loans, net. We have also elected to write-off accrued interest receivable by reversing interest income when loans are placed on nonaccrual status for each class of finance receivable. This includes the reversal of the billed interest on credit card loans that occurs at the time of charge-off, which is initially included in the measurement of our allowance for loan losses. Our portfolio segments are based on the level at which we develop and document our methodology for determining the allowance for loan losses. Additionally, the classes of finance receivables are based on several factors, including the method for monitoring and assessing credit risk, the method of measuring carrying value, and the risk characteristics of the finance receivable. Based on an evaluation of our process for developing the allowance for loan losses, including the nature and extent of exposure to credit risk arising from finance receivables, we have determined our portfolio segments to be consumer automotive, consumer mortgage, consumer other, and commercial. • Consumer automotive — Consists of retail automotive financing for new and used vehicles. • Consumer mortgage — Consists of the following classes of finance receivables. ◦ Mortgage Finance — Consists of consumer first-lien mortgages from our ongoing mortgage operations including direct-to-consumer originations, refinancing of high-quality jumbo mortgages and LMI mortgages, and bulk acquisitions. ◦ Mortgage — Legacy — Consists of consumer mortgage assets originated prior to January 1, 2009, including first-lien mortgages, subordinate-lien mortgages, and home equity mortgages. • Consumer other — Consists of the following classes of finance receivables. • Personal Lending — Consists of unsecured consumer lending from point-of-sale financing. On December 31, 2023, we committed to sell our point-of-sale financing business. Refer to Note 2 for further information. • Credit Card — Consists of consumer credit card loans. • Commercial — Consists of the following classes of finance receivables. ◦ Commercial and Industrial ▪ Automotive — Consists of financing operations to fund dealer purchases of new and used vehicles through wholesale floorplan financing. Additional commercial offerings include automotive dealer term loans, revolving lines, and dealer fleet financing. ▪ Other — Consists primarily of senior secured asset-based and leveraged cash flow loans related to our corporate-finance business. ◦ Commercial Real Estate — Consists of term loans primarily secured by dealership land and buildings, and other commercial lending secured by real estate. Nonaccrual Loans Generally, we recognize loans of all classes as past due when they are 30 days delinquent on making a contractually required payment, and loans are placed on nonaccrual status when principal or interest has been delinquent for at least 90 days, or when full collection is not expected. Interest income recognition is suspended when finance receivables and loans are placed on nonaccrual status. Additionally, amortization of premiums and discounts and deferred fees and costs ceases when finance receivables and loans are placed on nonaccrual. Exceptions include commercial real estate loans that are placed on nonaccrual status when delinquent for 60 days or when full collection is not probable, if sooner. Additionally, a loan can be returned to accrual status when the loan has been brought fully current, the collection of contractual principal and interest is reasonably assured, and six consecutive months of repayment performance is achieved. In certain cases, if a borrower has been current up to the time of the modification and repayment of the debt subsequent to the modification is reasonably assured, we may choose to continue to accrue interest on the loan. Nonperforming loans on nonaccrual status are reported in Note 9. For all our portfolio segments, the receivable for interest income that is accrued, but not collected, at the date finance receivables and loans are placed on nonaccrual status is reversed against interest income and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, for credit card loans, billed interest is included in the receivables balance and therefore is not reversed against interest income until the loan is charged-off. Where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Generally, finance receivables and loans are restored to accrual status only when contractually current and the collection of future payments is reasonably assured. Modifications of Loans with Borrowers Experiencing Financial Difficulty On January 1, 2023, we implemented ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This guidance eliminates the concept of TDRs and adds new disclosure requirements related to loan modifications and gross charge-offs. We implemented the ASU on a prospective basis, which results in certain aspects of our accounting policies changing for the current year. We may provide a modification to a borrower who is experiencing financial difficulty if we believe they have the ability and are willing to repay their loan. The type of modification granted will vary depending on our credit risk management practices, as well as the borrower’s financial condition and the characteristics of the loan, including the unpaid balance, the underlying collateral, and the number or types of previous modifications granted. Modifications that we make subject to these requirements include payment extensions, principal forgiveness, and/or interest rate concessions. These modifications generally reduce the borrower’s periodic payment amount. The following is a description of each of these types of modifications. • Payment extensions — Payment extensions include both payment deferrals and contractual maturity extensions. Deferral arrangements allow borrowers to delay a scheduled loan payment to a later date. Deferred loan payments do not affect the original contractual terms of the loan and the contractual maturity date of the loan remains unchanged. Deferrals also include certain forbearance agreements. Within the commercial loan portfolio, deferrals primarily reflect a deferral of interest payments. Under a contractual maturity extension agreement, the last payment date is extended to a future date, contractually lengthening the remaining term of the original loan. • Principal forgiveness — Under principal forgiveness, the outstanding principal balance of a loan is reduced by a specified amount. Principal forgiveness may occur voluntarily as part of a negotiated agreement with a borrower, or involuntarily through a bankruptcy proceeding. Under these involuntary instances, the bankruptcy court in a Chapter 11 or 13 proceeding may order us to reduce the outstanding principal balance of the loan to a specified amount. • Interest rate concessions — Interest rate concessions adjust the contractual interest rate of the loan to a rate that is not consistent with a market rate for a customer with similar credit risk. • Combination — Combination includes loans that have undergone multiple of the above loan modification types. This primarily includes rewritten loans where we grant an interest rate concession and a contractual maturity extension. Significant judgment is required to determine if a borrower is experiencing financial difficulty. These considerations vary by portfolio class. In all cases, the cumulative impacts of all modifications made within the 12-month period before the current modification are considered at the time of the most recent modification. For consumer loans of all classes, various qualitative factors are used for assessing the financial difficulty of the borrower. These factors include, but are not limited to, the borrower’s default status on any of its debts, bankruptcy, and recent changes in financial circumstances (for instance, loss of employment). For commercial loans of all classes, similar qualitative factors are considered when assessing the financial difficulty of the borrower. In addition to the previously noted factors, consideration is also given to the borrower’s forecasted ability to service the debt in accordance with the contractual terms, possible regulatory actions, and other potential business disruptions (for example, the loss of a significant customer or other revenue stream). In our consumer automotive portfolio class of loans, we also provide extensions or deferrals of payments to borrowers whom we deem to be experiencing only temporary financial difficulty. In these cases, there are limits within our operational policies to minimize the number of times a loan can be extended, as well as limits to the length of each extension, including a cumulative cap over the life of the loan. If these limits are breached, the modification may require disclosure as noted in the following paragraph. Before offering an extension or deferral, we evaluate the capacity of the customer to make the scheduled payments after the deferral period. During the deferral period, we continue to accrue interest on the loan as part of the deferral agreement. We grant these extensions or deferrals when we expect to collect all amounts due including interest accrued at the original contract rate. We do not disclose modifications that result in only an insignificant payment delay. In order to assess whether a payment delay is insignificant, we consider the amount of the modified payments subject to delay in conjunction with the unpaid principal balance or the collateral value of the loan, whether or not the delay is significant with respect to the frequency of payments under the original contract, or the loan’s original expected duration. In the cases where payment extensions cumulatively extend beyond 90 days and are more than 10% of the original contractual term, or where the cumulative payment extension within the 12-month period immediately preceding the current modification is beyond 180 days, we deem the delay in payment to be more than insignificant. The financial impacts of modifications that meet the definition of a modification to borrowers experiencing financial difficulty are reported in the period in which they are identified. Additionally, if such a loan defaults within 12 months of the modification, we are required to disclose the instances of redefault. For the purpose of this disclosure, we have determined that a loan is considered to have redefaulted when the loan meets the requirements for evaluation under our charge-off policy, except for commercial loans where redefault is defined as 90 days past due. Net Charge-offs We disclose the measurement of net charge-offs as the amount of gross charge-offs recognized less recoveries received. Gross charge-offs reflect the amount of the amortized cost basis directly written-off. Generally, we recognize recoveries when they are received and record them as an increase to the allowance for loan losses. As a general rule, consumer automotive loans are fully charged off once a loan becomes 120 days past due. In instances where upon becoming 120 days past due repossession is assured and in process, consumer automotive loans are written down to estimated collateral value, less costs to sell. In our consumer mortgage portfolio segment, first-lien mortgages and a subset of our home equity portfolio that are secured by real estate in a first-lien position are written down to the estimated fair value of the collateral, less costs to sell, once a mortgage loan becomes 180 days past due. Consumer mortgage loans that represent second-lien positions are charged off at 180 days past due. In our consumer other segment, loans within our personal lending class of receivables are charged off at 120 days past due and loans in our credit card class of receivables are charged off at 180 days past due. Within 60 days of receipt of notification of filing from the bankruptcy court, or within the time frames noted above, consumer automotive and first-lien consumer mortgage loans in bankruptcy are written down to their expected future cash flows, which is generally fair value of the collateral, less costs to sell, and second-lien consumer mortgage loans and other consumer loans are fully charged-off, unless it can be clearly demonstrated that repayment is likely to occur. Regardless of other timelines noted within this policy, loans are considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to only be through sale or operation of the collateral. Collateral dependent loans are charged-off to the estimated fair value of the underlying collateral, less costs to sell when foreclosure or repossession proceedings begin. Commercial loans are individually evaluated and are written down to the estimated fair value of the collateral less costs to sell when collectability of the recorded balance is in doubt. Generally, all commercial loans are charged-off when it becomes unlikely that the borrower is willing or able to repay the remaining balance of the loan and any underlying collateral is not sufficient to recover the outstanding principal. Collateral dependent loans are charged-off to the fair market value of collateral less costs to sell when appropriate. Non-collateral dependent loans are fully charged-off. Allowance for Loan Losses The allowance for loan losses (the allowance) is deducted from, or added to, the loan’s amortized cost basis to present the net amount expected to be collected from our lending portfolios. We estimate the allowance using relevant available information, which includes both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Additions and reductions to the allowance are charged to current period earnings through the provision for credit losses and amounts determined to be uncollectible are charged directly against the allowance, net of amounts recovered on previously charged-off accounts. Expected recoveries do not exceed the total of amounts previously charged-off and amounts expected to be charged-off. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions or renewals, unless the extension or renewal option is included in the original or modified contract at the reporting date and we are not able to unconditionally cancel the option. Expected loan modifications are also not included in the contractual term, unless we have a reasonable expectation at period end that the loan modification will be executed with a borrower. For the purpose of calculating portfolio-level reserves, we have grouped our loans into four portfolio segments: consumer automotive, consumer mortgage, consumer other, and commercial. The allowance is measured on a collective basis using statistical models when loans have similar risk characteristics. These statistical models are designed to correlate certain macroeconomic variables to expected future credit losses. The macroeconomic data used in the models are based on forecasted factors for the next 12-months. These forecasted variables are derived from both internal and external sources. Beyond this forecasted period, we revert each variable to a historical average. This reversion to the mean is performed on a straight-line basis over 24 months. The historical average is calculated predominantly using historical data beginning in January 2008 through the most recent period of available data. Loans that do not share similar risk characteristics are evaluated on an individual basis and are not included in the collective evaluation. The allowance calculation is supplemented with qualitative overlays that take into consideration current portfolio and asset-level factors, such as the impacts of changes in underwriting standards, collections and account management effectiveness, geographic concentrations, and economic events that have occurred but are not yet reflected in the quantitative model component. Qualitative adjustments are documented, reviewed, and approved through our established risk governance processes and follow regulatory guidance. Management also considers the need for a reserve on unfunded loan commitments across our portfolio segments, including lines of credit and standby letters of credit. We estimate expected credit losses over the contractual period in which we are exposed to credit risk, unless we have the option to unconditionally cancel the obligation. Expected credit losses on the commitments include consideration of the likelihood that funding will occur under the commitment and an estimate of expected credit losses on amounts expected to be funded over the estimated life. The reserve for unfunded loan commitments is recorded within accrued expenses and other liabilities on our Consolidated Balance Sheet. Provision for credit losses related to our reserve for unfunded commitments is recorded within provision for credit losses on our Consolidated Statement of Income. Refer to Note 28 for information on our unfunded loan commitments. Consumer Automotive The allowance within the consumer automotive portfolio segment is calculated using proprietary statistical models and other risk indicators applied to pools of loans with similar risk characteristics, including credit bureau score and LTV ratios. The model generates projections of default rates, prepayment rates, loss severity rates, and recovery rates using macroeconomic and historical loan data. These projections are used to develop transition scenarios to predict the portfolio’s migration from the current or past-due status to various future states over the life of the loan. While the macroeconomic data that is used to calculate expected credit losses includes light vehicle sales and state-level real personal income, state-level unemployment rates are the most impactful macroeconomic factors in calculating expected lifetime credit losses. The loss severity within the consumer automotive portfolio segment is impacted by the market values of vehicles that are repossessed. Vehicle market values are affected by numerous factors including vehicle supply, the condition of the vehicle upon repossession, the overall price and volatility of fuel, consumer preference related to specific vehicle segments, and other factors. The model output is aggregated to calculate expected lifetime gross credit losses, net of expected recoveries. Consumer Mortgage The allowance within the consumer mortgage portfolio segment is calculated by using statistical models based on pools of loans with similar risk characteristics, including credit score, LTV, loan age, documentation type, product type, and loan purpose. Expected losses are statistically derived based on a suite of behavioral based transition models. This transition framework predicts various stages of delinquency, default, and voluntary prepayment over the course of the life of the loan. The transition probability is a function of certain loan and borrower characteristics, including factors, such as loan balance and term, the borrower’s credit score, LTV ratios, and economic variables, as well as consideration of historical factors such as loss frequency and severity. When a default event is predicted, a severity model is applied to estimate future loan losses. Loss severity within the consumer mortgage portfolio segment is impacted by the market values of foreclosed properties, which is affected by numerous factors, including geographic considerations and the condition of the foreclosed property. Macroeconomic data that is used to calculate expected credit losses includes certain interest rates and home price indices. The model output is aggregated to calculate expected lifetime credit losses. Consumer Other The allowance within the personal lending receivables class, prior to the transfer to held-for-sale, was calculated by using a vintage analysis that analyzes historical performance for groups of loans with similar risk characteristics, including vintage level historical balance paydown rates and delinquency and roll rate behaviors by risk tier and product type, to arrive at an estimate of expected lifetime credit losses. The risk tier segmentation is based upon borrower risk characteristics, including credit score and past performance history, as well as certain loan specific characteristics, such as loan type and origination year. The allowance within our credit card receivables class is calculated by using a statistical model that considers loan-specific and economy-wide factors to project default events, positive closure, EAD, and LGD events across all active loans in the portfolio. Macroeconomic data that is used to calculate expected credit losses include state and national-level unemployment rate, revolving consumer credit, and retail sales. Estimated expected lifetime credit losses are the summation of the simulated losses and recoveries for all credit card loans in the portfolio. Commercial Loans The allowance within the commercial loan portfolio segment is calculated using an expected loss framework that uses historical loss experience, concentrations, macroeconomic factors, and performance trends. The determination of the allowance is influenced by numerous assumptions and factors that may materially affect estimates of loss, including changes to the PD, LGD, and EAD. PD factors are determined based on our historical performance data, which considers ongoing reviews of the financial performance of borrowers within our portfolio, including cash flow, debt-service coverage ratio, and an assessment of borrowers’ industry and future prospects. The determination of PD also incorporates historical loss experience and, when necessary, macroeconomic information obtained from external sources. LGD factors consider the type of collateral, relative LTV ratios, and historical loss information. In addition, LGD factors may be influenced by macroeconomic information and situations in which automotive manufacturers repurchase vehicles used as collateral to secure the loans in default situations . EAD factors are derived from outstanding balance levels, including estimated prepayment assumptions based on historical experience. |
Variable Interest Entities and Securitizations | Variable Interest Entities and Securitizations A legal entity is considered a VIE if, by design, has any of the following characteristics: the equity at risk is insufficient for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the ability to directly or indirectly make decisions about the entity’s activities that most significantly impact economic performance through voting or similar rights, do not have the obligation to absorb the expected losses, do not have the right to receive expected residual returns of the entity, or do not have voting rights that are proportionate to their interests and substantially all the activities are conducted on behalf of an investor with a disproportionately small voting interest. For all VIEs in which we are involved, we assess whether we are the primary beneficiary of the VIE on an ongoing basis. In circumstances where we have both the power to direct the activities that most significantly impact the VIEs’ performance and the obligation to absorb losses or the right to receive the benefits of the VIE that could be significant, we would conclude that we are the primary beneficiary of the VIE and would consolidate the VIE (also referred to as on-balance sheet). In situations where we are not deemed to be the primary beneficiary of the VIE, we do not consolidate the VIE and only recognize our interests in the VIE (also referred to as off-balance sheet). We are involved in securitizations that typically involve the use of VIEs. For information regarding our securitization activities, refer to Note 11. In the case of a consolidated on-balance-sheet VIE used for a securitization, the underlying assets remain on our Consolidated Balance Sheet with the corresponding obligations to third-party beneficial interest holders reflected as debt. We recognize income on the assets and interest expense on the debt issued by the VIE on an accrual basis. We reserve for expected losses on the assets primarily under CECL. Consolidation of the VIE precludes us from recording an accounting sale on the transaction. In securitizations where we are not determined to be the primary beneficiary of the VIE, we must determine whether we achieve a sale for accounting purposes. To achieve a sale for accounting purposes, the financial assets being transferred must be legally isolated, not be constrained by restrictions from further transfer, and be deemed to be beyond our control. We would deem the transaction to be an off-balance-sheet securitization if the preceding three criteria for sale accounting are met. If we were to fail any of these three criteria for sale accounting, the transfer would be accounted for as a secured borrowing, consistent with the preceding paragraph regarding on-balance sheet VIEs. The gain or loss recognized on off-balance-sheet securitizations take into consideration any assets received or liabilities assumed, including any retained interests, and servicing assets or liabilities (if applicable), which are initially recorded at fair value at the date of sale. Upon the sale of the financial assets, we recognize a gain or loss on sale for the difference between the assets and liabilities recognized, and the assets derecognized. The financial assets obtained from off-balance-sheet securitizations are primarily reported as cash or if applicable, retained interests. Retained interests are classified as securities or as other assets depending on their form and structure. The estimate of the fair value of the retained interests and servicing requires us to exercise significant judgment about the timing and amount of future cash flows from the interests. For a discussion on fair value estimates, refer to Note 24. Gains or losses on off-balance-sheet securitizations are reported in gain on mortgage and automotive loans, net, in our Consolidated Statement of Income. We retain the right to service our consumer and commercial automotive loan securitizations. We may receive servicing fees for off-balance-sheet securitizations based on the securitized asset balances and certain ancillary fees, all of which are reported in other income, net of losses in the Consolidated Statement of Income. Typically, the fee we are paid for servicing represents adequate compensation, and consequently, does not result in the recognition of a servicing asset or liability. |
Equity-Method Investments | Equity-Method Investments |
Repossessed and Foreclosed Assets | Repossessed and Foreclosed Assets Assets securing our finance receivables and loans are classified as repossessed and foreclosed and included in other assets when physical possession of the collateral is taken, which includes the transfer of title through foreclosure or other similar proceedings. Repossessed and foreclosed assets are initially recognized at the lower of the outstanding balance of the loan at the time of repossession or foreclosure or the fair value of the asset less estimated costs to sell. Losses on the initial revaluation of repossessed and foreclosed assets (and generally, declines in value shortly after repossession or foreclosure) are recognized as a charge-off of the allowance for loan losses. Subsequent declines in value are charged to other operating expenses. |
Lease Accounting | Lease Accounting At contract inception, we determine whether the contract is or contains a lease based on the terms and conditions of the contract. Refer to Investment in Operating Leases below for leases in which we are the lessor. Lease contracts for which we are the lessee are recognized on our Consolidated Balance Sheet as ROU assets and lease liabilities. Lease liabilities and their corresponding ROU assets are initially recorded based on the present value of the future lease payments over the expected lease term. We utilize our incremental borrowing rate, which is the rate we would incur to borrow on a collateralized basis over a similar term on an amount equal to the lease payments in a similar economic environment since the interest rate implicit in the lease contract is typically not readily determinable. The ROU asset also includes initial direct costs paid less lease incentives received from the lessor. Our lease contracts are generally classified as operating and, as a result, we recognize a single lease cost within other operating expenses on the income statement on a straight-line basis over the lease term. Our leases primarily consist of property-leases and fleet vehicle leases. Our property-lease agreements generally contain a lease component, which includes the right to use the real estate, and non-lease components, which generally include utilities and common area maintenance services. We elected the practical expedient to account for the lease and non-lease components in our property leases as a single lease component for recognition and measurement of our ROU assets and lease liabilities. Our property leases that include variable-rent payments made during the lease term that are not based on a rate or index, are excluded from the measurement of the ROU assets and lease liabilities, and are recognized as a component of variable lease expense as incurred. We have elected not to recognize ROU assets and lease liabilities on property-leases with terms of one year or less. Our fleet vehicle leases also include a lease component, which includes the right to use the vehicle, and non-lease components, which include maintenance, fuel, and administrative services. However, we have elected to account for the lease and non-lease components in our fleet vehicle leases separately. Accordingly, the non-lease components are excluded from the measurement of the ROU asset and lease liability and are recognized as other operating expenses as incurred. Investment in Operating Leases Investment in operating leases, net, represents the vehicles that are underlying our automotive operating lease contracts where we are the lessor and is reported at cost, less accumulated depreciation and net of impairment charges, if any, and origination fees or costs. Depreciation of vehicles is recorded on a straight-line basis to an estimated residual value over the lease term. Manufacturer support payments that we receive upfront are treated as a reduction to the cost-basis in the underlying operating lease asset, which has the effect of reducing depreciation expense over the life of the contract. Income from operating lease assets including lease origination fees, net of lease origination costs, is recognized as operating lease revenue on a straight-line basis over the scheduled lease term. We have elected to exclude sales taxes collected from the lessee from our consideration in the lease contract and from variable lease payments that are not included in contract consideration. We accrue rental income on our operating leases when collection is reasonably assured. We generally discontinue the accrual of revenue on operating leases at the time an account is determined to be uncollectible, which we determine to be the earliest of (i) the time of repossession, (ii) within 60 days of bankruptcy notification, unless it can be clearly demonstrated that repayment is likely to occur, or (iii) greater than 120 days past due. We have significant investments in the residual values of the assets in our operating lease portfolio. The residual values represent an estimate of the values of the assets at the end of the lease contracts. At contract inception, we determine pricing based on the projected residual value of the leased vehicle. This evaluation is primarily based on a proprietary model, which includes variables such as age, expected mileage, seasonality, segment factors, vehicle type, economic indicators, production cycle, automotive manufacturer incentives, and shifts in used vehicle supply. This internally generated data is compared against third-party, independent data for reasonableness. Realization of the residual values is dependent on our future ability to market the vehicles under the prevailing market conditions. Over the life of the lease, we evaluate the adequacy of our estimate of the residual value and may make adjustments to the depreciation rates to the extent the expected value of the vehicle at lease termination changes meaningfully. In addition to estimating the residual value at lease termination, we also evaluate the current value of the operating lease asset and test for impairment to the extent necessary when there is an indication of impairment based on market considerations and portfolio characteristics. Impairment is determined to exist if the fair value of the leased asset is less than carrying value and it is determined that the net carrying value is not recoverable. The net carrying value of a leased asset is not recoverable if it exceeds the sum of the undiscounted expected future cash flows expected to result from the operating lease payments and the estimated residual value upon eventual disposition. If our operating lease assets are considered to be impaired, the impairment is measured as the amount by which the carrying amount of the assets exceeds the fair value as estimated by discounted cash flows. No impairment was recognized in 2023, 2022, or 2021. When a leased vehicle is returned to us, either at the end of the lease term or through repossession, the asset is reclassified from investment in operating leases, net, to other assets and recorded at the lower-of-cost or estimated fair value, less costs to sell, on our Consolidated Balance Sheet. Any losses recognized at this time are recorded as depreciation expense. Subsequent decline in value and any gain or loss recognized at the time of sale is recognized as a remarketing gain or loss and presented as a component of depreciation expense. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The net carrying values of long-lived assets (including property and equipment) are evaluated for impairment whenever events or changes in circumstances indicate that their net carrying values may exceed undiscounted future net cash flows. Long-lived assets are considered impaired when the carrying amount is deemed unrecoverable and the carrying amount exceeds fair value. Recoverability is measured by comparing the net carrying amount to future net undiscounted cash flows expected to be generated by the assets. If these assets are considered to be impaired, the impairment is measured as the amount by which the net carrying amount of the assets exceeds the fair value using a discounted cash flow method. No material impairment was recognized in 2023, 2022, or 2021. An impairment test on an asset group to be sold or otherwise disposed of, is performed upon occurrence of a triggering event or when certain criteria are met (for example, the asset is planned to be disposed of within 12 months, appropriate levels of authority have approved the sale, there is an active program to locate a buyer, etc.), which cause the disposal group to be classified as held-for-sale. Long-lived assets held-for-sale are recorded at the lower of their carrying amount or estimated fair value less cost to sell. If the net carrying value of the assets held-for-sale exceeds the fair value less cost to sell, we recognize an impairment loss based on the excess of the net carrying amount over the fair value of the assets less cost to sell. |
Property and Equipment | Property and Equipment Property and equipment stated at cost, net of accumulated depreciation and amortization, are reported in other assets on our Consolidated Balance Sheet. Included in property and equipment are certain buildings, furniture and fixtures, leasehold improvements, IT hardware and software, capitalized software costs, and assets under construction. We begin depreciating these assets when they are ready for their intended use, except for assets under construction, which begin depreciating when they are ready to be placed into service. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets, which generally ranges from three three |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill and intangible assets, net of accumulated amortization, are reported in other assets in our Consolidated Balance Sheet. Our intangible assets primarily consist of developed technology and acquired customer relationships, and are amortized using a straight-line methodology over their estimated useful lives. We review intangible assets with a definite useful life for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If it is determined the carrying amount of the asset is not recoverable, an impairment charge is recorded. Goodwill represents the excess of the cost of an acquisition over the fair value of net assets acquired, including identifiable intangibles. We allocate goodwill to applicable reporting units based on the relative fair value of the other net assets allocated to those reporting units at the time of the acquisition. In the event we restructure our business, we may reallocate goodwill. We test goodwill for impairment annually as of July 31 of each year, or more frequently if events and changes in circumstances indicate that it is more likely than not that impairment exists. In certain situations, we may perform a qualitative assessment to test goodwill for impairment. We may also decide to bypass the qualitative assessment and perform a quantitative assessment. If we perform the qualitative assessment to test goodwill for impairment and conclude that it is more likely than not that the reporting unit’s fair value is greater than its carrying value, then the quantitative assessment is not required. However, if we perform the qualitative assessment and determine that it is more likely than not that a reporting unit’s fair value is less than its carrying value, then we must perform the quantitative assessment. The quantitative assessment requires us to compare the fair value of each of the reporting units to their respective carrying value. The fair value of the reporting units in our quantitative assessment is determined based on various analyses including discounted cash flow projections using assumptions a market participant would use. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, a goodwill impairment loss is recorded for the excess of the carrying value of the reporting unit over its fair value. |
Unearned Insurance Premiums and Service Revenue | Unearned Insurance Premiums and Service Revenue |
Deferred Insurance Policy and Service Contract Acquisition Costs | Deferred Insurance Policy and Service Contract Acquisition Costs Incremental direct costs incurred to originate a policy or service contract are deferred and recorded in premiums receivable and other insurance assets on our Consolidated Balance Sheet. These costs primarily include commissions paid to dealers to originate these policies or service contracts and vary with the production of business. Deferred policy and service contract acquisition costs are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned. We group costs incurred for acquiring like contracts and consider anticipated investment income in determining the recoverability of these costs. |
Reserves for Insurance Losses and Loss Adjustment Expenses | Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for insurance losses and loss adjustment expenses are reported in accrued expenses and other liabilities on our Consolidated Balance Sheet. They are established for the unpaid cost of insured events that have occurred as of a point in time. More specifically, the reserves for insurance losses and loss adjustment expenses represent the accumulation of estimates for both reported losses and those incurred, but not reported, including loss adjustment expenses relating to direct insurance and assumed reinsurance agreements. We use a combination of methods commonly used in the insurance industry, including the chain ladder development factor, expected loss, BF, and frequency and severity methods to determine the ultimate losses for an individual business line as well as accident year basis depending on the maturity of the accident period and business-line specifics. These methodologies are based on different assumptions and use various inputs to develop alternative estimates of losses. The chain ladder development factor is used for more mature years while the expected loss, BF, and frequency and severity methods are used for less mature years. Both paid and incurred loss and loss adjustment expenses are reviewed where available and a weighted average of estimates or a single method may be considered in selecting the final estimate for an individual accident period. We did not change our methodology for developing reserves for insurance losses for the year ended December 31, 2023. Estimates for salvage and subrogation recoverable are recognized in accordance with historical patterns and netted against the provision for insurance losses and loss adjustment expenses. Reserves are established for each product-type at the lowest meaningful level of homogeneous data. Since the reserves are based on estimates, the ultimate liability may vary from these estimates. The estimates are regularly reviewed and adjustments, which can potentially be significant, are included in earnings in the period in which they are deemed necessary. |
Legal and Regulatory Reserves | Legal and Regulatory Reserves Liabilities for legal and regulatory matters are accrued and established when those matters present loss contingencies that are both probable and estimable, with a corresponding amount recorded to other operating expenses in the Consolidated Statement of Income. In cases where we have an accrual for losses, we include an estimate for probable and estimable legal expenses related to the case. |
Earnings per Common Share | Earnings per Common Share We compute basic earnings per common share by dividing net income from continuing operations attributable to common stockholders after deducting dividends on preferred stock by the weighted-average number of common shares outstanding during the period. We compute diluted earnings per common share by dividing net income from continuing operations after deducting dividends on preferred stock by the weighted-average number of common shares outstanding during the period plus the dilution resulting from incremental shares that would have been outstanding if dilutive potential common shares had been issued (assuming it does not have the effect of antidilution), if applicable. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We use derivative instruments primarily for risk management purposes. We do not use derivative instruments for speculative purposes. Certain of our derivative instruments are designated as accounting hedges in qualifying relationships, whereas other derivative instruments have not been designated as accounting hedges. In accordance with applicable accounting standards, all derivative instruments, whether designated as accounting hedges or not, are recorded on the balance sheet as assets or liabilities and measured at fair value. We have elected to report the fair value of derivative assets and liabilities on a gross basis—including the fair value for the right to reclaim cash collateral or the obligation to return cash collateral—arising from instruments executed with the same counterparty under a master netting arrangement where we do not have the intent to offset. The right to claim cash collateral is reported in other assets on our Consolidated Balance Sheet. The obligation to return cash collateral is reported in accrued expenses and other liabilities on our Consolidated Balance Sheet. For additional information on derivative instruments and hedging activities, refer to Note 21. At the inception of a qualifying hedge accounting relationship, we designate each qualifying relationship as a hedge of the fair value of a specifically identified asset or liability or portfolio of assets (fair value hedge); as a hedge of the variability of cash flows to be received or paid, or forecasted to be received or paid, related to a recognized asset or liability (cash flow hedge); or as a hedge of the foreign-currency exposure of a net investment in a foreign operation (net investment hedge). We formally document all relationships between hedging instruments and hedged items, as well as the risk management objectives for undertaking such hedge transactions. Both at hedge inception and on an ongoing basis, we formally assess whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in fair values or cash flows of hedged items. Changes in the fair value of derivative instruments qualifying as fair value hedges, along with the gain or loss on the hedged asset or liability attributable to the hedged risk, are recorded in current period earnings. For non-portfolio layer method hedges, the hedge basis (the amount of the change in fair value) is added to (or subtracted from) the carrying amount of the hedged item. For portfolio layer method hedges, the hedge basis does not adjust the carrying value of the hedged item and is instead maintained on a closed portfolio basis. For qualifying cash flow hedges, changes in the fair value of the derivative financial instruments are recorded in accumulated other comprehensive income and recognized in the income statement when the hedged cash flows affect earnings. For a qualifying net investment hedge, the gain or loss is reported in accumulated other comprehensive income as part of the cumulative translation adjustment. Hedge accounting treatment is no longer applied if a derivative financial instrument is terminated, the hedge designation is removed, or the derivative instrument is assessed to no longer be highly effective. For terminated fair value hedges, the hedge basis remains as part of the basis of the hedged asset or liability and is recognized into income over the remaining life of the asset or liability. For terminated portfolio layer method hedges, the hedge basis associated with the discontinued portion of the hedged item is allocated to the remaining individual assets within the closed portfolio that supported the discontinued hedged layer and is recognized into income over the remaining life of those assets. For terminated cash flow hedges, the changes in fair value of the derivative instrument remain in accumulated other comprehensive income and are recognized in the income statement when the hedged cash flows affect earnings. However, if it is probable that the forecasted cash flows will not occur within a specified period, any changes in fair value of the derivative financial instrument remaining in accumulated other comprehensive income are reclassified into earnings immediately. Any previously recognized gain or loss for a net investment hedge continues to remain in accumulated other comprehensive income until earnings are impacted by a sale or liquidation of the associated foreign operation. In all instances, after hedge accounting is no longer applied, any subsequent changes in fair value of the derivative instrument will be recorded into earnings. Changes in the fair value of derivative financial instruments held for risk management purposes that are not designated as accounting hedges under U.S. GAAP (economic hedge) are reported in current period earnings. |
Income Taxes | Income Taxes Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. We are subject to income taxes predominantly in the United States. Significant judgments and estimates are required in determining the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. Deferred tax assets are reduced by a valuation allowance, if based on the weight of all available evidence, it is more likely than not, that some or all of the deferred tax assets will not be realized. We use the portfolio approach with respect to reclassification of stranded income tax effects in accumulated other comprehensive income. All our investment tax credits are accounted for using the flow-through method and are recognized as a reduction to current income tax expense. |
Share-based Compensation | Share-based Compensation |
Foreign Exchange | Foreign Exchange Foreign-denominated assets and liabilities resulting from foreign-currency transactions are valued using period-end foreign-exchange rates and the results of operations and cash flows are determined using approximate weighted average exchange rates for the period. Translation adjustments are related to foreign subsidiaries using local currency as their functional currency and are reported as a separate component of accumulated other comprehensive income. Translation gains or losses are reclassified to earnings upon the substantial sale or liquidation of our investments in foreign operations. We may elect to enter into foreign-currency derivatives to mitigate our exposure to changes in foreign-exchange rates. Refer to the Derivative Instruments and Hedging Activities section above for a discussion of our hedging activities of the foreign-currency exposure of a net investment in a foreign operation. |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02) In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The purpose of this guidance is twofold. First, the guidance eliminates TDR recognition and measurement guidance that has been deemed no longer necessary under CECL. The guidance also adds a requirement to incorporate current year gross charge-offs by origination year into the vintage tables. With respect to the TDR impacts, under CECL, credit losses for financial assets measured at amortized cost are determined based on the total current expected credit losses over the life of the financial asset or group of financial assets. Therefore, credit losses on financial assets that have been modified as TDRs would have largely been incorporated in the allowance upon initial recognition. Under ASU 2022-02, we will evaluate whether loan modifications previously characterized as TDRs represent a new loan or a continuation of an existing loan in accordance with ASC Topic 310, Receivables . The guidance also added new disclosures that require an entity to provide information related to loan modifications that are made to borrowers that are deemed to be in financial difficulty. We adopted the ASU on January 1, 2023, on a prospective basis. The impact of these amendments was not material. Recently Issued Accounting Standards Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The purpose of this guidance is to clarify that a contractual restriction on the ability to sell an equity security is not considered part of the unit of account of the equity security, and therefore should not be considered when measuring the equity security’s fair value. Additionally, an entity cannot separately recognize and measure a contractual-sale restriction. This guidance also adds specific disclosures related to equity securities that are subject to contractual-sale restrictions, including (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restrictions, and (3) the circumstances that could cause a lapse in the restrictions. The amendments are effective on January 1, 2024 and must be applied using a prospective approach with any adjustments from the adoption of the amendments recognized in earnings and disclosed upon adoption. Management does not expect the impact of these amendments to be material. Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (ASU 2023-02) In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . The purpose of this guidance is to expand the use of the proportional amortization method to certain tax equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. In order to qualify for the proportional amortization method, the following five conditions must be met: (1) it is probable that the income tax credits allocable to the tax equity investor will be available, (2) the tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project, (3) substantially all of the projected benefits are from income tax credits and other income tax benefits, (4) the tax equity investor’s projected yield is based solely on the cash flows from the income tax credits and other income tax benefits is positive, and (5) the tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment. Selecting the proportional amortization method will be an accounting policy election that must be applied on a tax-credit-program-by-tax-credit-program basis rather than at the entity level or to individual investments. Additionally, in order to apply the proportional amortization method to qualifying investments, an entity must use the flow-through method when accounting for the receipt of the investment tax credits. This guidance also adds disclosure requirements related to tax credit programs where the proportional amortization method has been elected. The amendments are effective on January 1, 2024, with early adoption permitted. The amendments must be applied using either a modified retrospective or retrospective approach with any adjustments from the adoption of the amendments recognized in retained earnings and disclosed upon adoption. Upon adoption of the amendments on January 1, 2024, we do not expect the impact to our opening retained earnings to be material. Improvements to Reportable Segment Disclosures (ASU 2023-07) In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The purpose of this guidance is to improve reportable segment disclosure, primarily through enhanced disclosures about significant segment expenses. This ASU requires that an entity disclose, on an interim and annual basis, significant segment expenses that are regularly provided to the CODM and are included within the reported measure of segment profit or loss. This ASU also requires an entity to disclose, on an interim and annual basis, other segment items by reportable segment, including a qualitative description of the composition of those items. This “other” category is defined as the difference between segment profit or loss and segment revenue less significant segment expenses. Entities are also required to disclose the title and position of the individual, or the name of the group or committee, identified as the CODM. The amendments are effective on January 1, 2024, for annual reporting, and January 1, 2025, for interim reporting, with early adoption permitted. The amendments must be applied using a retrospective approach. Management does not expect the impact of these amendments to be material. Improvements to Income Tax Disclosures (ASU 2023-09) In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The purpose of this guidance is to enhance the rate reconciliation and income taxes paid disclosures. This ASU requires that an entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. For the state and local income tax category of the rate reconciliation, entities must disclose a qualitative description of the states and local jurisdictions that make up the majority (greater than 50 percent) of the category. For the income taxes paid disclosures, entities will be required to disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes. The amendments are effective on January 1, 2025, with early adoption permitted. The amendments must be applied using either a prospective or retrospective approach. Management does not expect the impact of these amendments to be material. |
Revenue from Contract with Customer | The following is a description of our primary revenue sources that are derived from contracts with customers. Revenue from contracts with customers is recognized when control of the promised goods or services is transferred to our customers, and in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. For information regarding our revenue recognition policies outside the scope of the revenue recognition principles of ASC Topic 606, Revenue from Contracts with Customers , refer to Note 1. • Noninsurance contracts — We sell VSCs that offer owners mechanical repair protection and roadside assistance for new and used vehicles beyond the manufacturer’s new vehicle limited warranty. We sell GAP contracts that protect the customer against having to pay certain amounts to a lender above the fair market value of their vehicle if the vehicle is damaged and declared a total loss or stolen. We also sell VMCs that provide coverage for certain agreed-upon services, such as oil changes and tire rotations, over the coverage period. We receive payment in full at the inception of each of these contracts. Our performance obligation for these contracts is satisfied over the term of the contract and we recognize revenue over the contract term on a basis proportionate to the anticipated incurrence of costs, as we believe this is the most appropriate method to measure progress towards satisfaction of the performance obligation. This revenue is recorded within insurance premiums and service revenue earned in our Consolidated Statement of Income, while associated cancellation and transfer fees are recorded as other income. • Sale of off-lease vehicles — When a customer’s vehicle lease matures, the customer has the option of purchasing or returning the vehicle. If the vehicle is returned to us, we obtain possession with the intent to sell through SmartAuction—our online auction platform, our dealer channel, or through various other physical auctions. Our performance obligation is satisfied and the remarketing gain or loss is recognized when control of the vehicle has passed to the buyer, which coincides with the sale date. Our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing recorded through depreciation expense on operating lease assets in our Consolidated Statement of Income. • Remarketing fee income — In addition to using SmartAuction as a remarketing channel for our returned lease vehicles, we maintain the SmartAuction internet auction site and administer the auction process for third-party use. We earn a service fee from dealers for every third-party vehicle sold through SmartAuction. Our performance obligation is to provide the online marketplace for used vehicle transactions to be consummated. This obligation is satisfied and revenue is recognized when control of the vehicle has passed to the buyer, which coincides with the sale date. This revenue is recorded as remarketing fees within other income in our Consolidated Statement of Income. • Brokerage commissions and other revenues through Ally Invest — We charge fees to customers related to their use of certain services on our Ally Invest digital advisory and online brokerage platform. These fees include commissions on low-priced securities, option contracts, certain other security types, account service fees, account management fees on professional portfolio management services, and other ancillary fees. Commissions on customer-directed trades and account service fees are based on published fee schedules and are generated from a customer option to purchase the services offered under the contract. These options do not represent a material right and are only considered a contract when the customer executes their option to purchase these services. Based on this, the term of the contract does not extend beyond the services provided, and accordingly revenue is recognized upon the completion of our performance obligation, which we view as the successful execution of the trade or service. Revenue on professional portfolio management services is calculated monthly based upon a fixed percentage of the client’s assets under management. Due to the fact that this revenue stream is composed of variable consideration that is based on factors outside of our control, we have deemed this revenue as constrained and we are unable to estimate the initial transaction price at the inception of the contract. We have elected to use the practical expedient under GAAP to recognize revenue monthly based on the amount we are able to invoice the customer. Additionally, we earn revenue when we route customers’ orders to market makers, who then execute customers’ trades. The market makers compensate us for the right to fill the customers’ orders. We also earn revenue from a fee-sharing agreement with our clearing broker related to the interest fee income the clearing broker earns on customer cash balances, securities lending, and margin loans made to our customers. We concluded the initial transaction price is exclusively variable consideration and, based on the nature of our performance obligation to allow the clearing broker to collect interest fee income from cash deposits and customer loans from our customers, we are unable to determine the amount of revenue to be recognized until the total customer cash balance or the total interest income recognized on margin loans has been determined, which occurs monthly. These revenue streams are recorded as other income in our Consolidated Statement of Income. • Brokered/agent commissions through Insurance operations — We have agreements with third parties to offer various vehicle protection products to consumers. We also have agreements with third-party insurers to offer various insurance coverages to dealers. Our performance obligation for these arrangements is satisfied when a customer or dealer has purchased a vehicle protection product or an insurance policy through the third-party provider. In determining the initial transaction price for these agreements, we noted that revenue on brokered/agent commissions is based on the volume of vehicle protection product contracts sold or a percentage of insurance premium written, which is not known to us at the inception of the agreements with these third-party providers. We concluded the initial transaction price is exclusively variable consideration and, based on the nature of the performance obligation, we are unable to determine the amount of revenue we will record until the customer purchases a vehicle protection product or a dealer purchases an insurance policy from the third-party provider. Once we are notified of vehicle protection product sales or insurance policies issued by the third-party providers, we record the commission earned as insurance premiums and service revenues earned in our Consolidated Statement of Income. • Banking fees and interchange income — We charge depositors various account service fees including those for outgoing wires, excessive transactions, stop payments, and returned deposits. These fees are generated from a customer option to purchase services offered under the contract. These options do not represent a material right and are only considered a contract in accordance with the revenue recognition principles when the customer exercises their option to purchase these account services. Based on this, the term for our contracts with customers is considered day-to-day, and the contract does not extend beyond the services already provided. In May 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. Revenue derived from deposit account fees is recorded at the point in time we perform the requested service, and is recorded as other income in our Consolidated Statement of Income. As a debit and credit card issuer, we also generate interchange fee income from merchants during debit and credit card transactions and incur certain corresponding charges from merchant card networks. For debit card transactions, our performance obligation is satisfied when we have initiated the payment of funds from a customer’s account to a merchant through our contractual agreements with the merchant card networks. For credit card transactions, our performance obligation is satisfied at the time each transaction is captured for settlement with the interchange networks. Interchange fees are reported net of processing fees and customer rewards as other income in our Consolidated Statement of Income. • Other revenue — Other revenue primarily includes service revenue related to various account management functions and fee income derived from third-party lenders arranged through our online automotive lender exchange. These revenue streams are recorded as other income in our Consolidated Statement of Income. |
Fair Value Measurements | The following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models, and significant assumptions utilized. • Equity securities — We hold various marketable equity securities measured at fair value with changes in fair value recognized in net income. Measurements based on observable market prices are classified as Level 1. • Available-for-sale securities — We carry our available-for-sale securities at fair value based on external pricing sources. We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in active markets. We classify our securities as Level 2 when fair value is determined using prices for similar instruments trading in active markets. We perform pricing validation procedures for our available-for-sale securities. • Derivative instruments — We enter into a variety of derivative financial instruments as part of our risk-management strategies. Certain of these derivatives are exchange traded, such as equity options. To determine the fair value of these instruments, we utilize the quoted market prices for those particular derivative contracts; therefore, we classified these contracts as Level 1. We also execute OTC and centrally cleared derivative contracts, such as interest rate swaps, foreign-currency denominated forward contracts, caps, floors, and agency to-be-announced securities. We utilize third-party-developed valuation models that are widely accepted in the market to value these derivative contracts. The specific terms of the contract and market observable inputs (such as interest rate forward curves, interpolated volatility assumptions, or equity pricing) are used in the model. We classified these derivative contracts as Level 2 because all significant inputs into these models were market observable. We also enter into interest rate lock commitments and forward commitments that are executed as part of our mortgage business, certain of which meet the accounting definition of a derivative and therefore are recorded as derivatives on our Consolidated Balance Sheet. Interest rate lock commitments are valued using internal pricing models with unobservable inputs, so they are classified as Level 3. We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases. As part of those agreements, we may be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than what was estimated at the time of acquisition. Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments. The fair value of these liabilities is determined using a discounted cash flow method. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses). These liabilities are valued using internal loss models with unobservable inputs, and are classified as Level 3. We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of derivative assets and liabilities. We reduce credit risk on the majority of our derivatives by entering into legally enforceable agreements that enable the posting and receiving of collateral associated with the fair value of our derivative positions on an ongoing basis. In the event that we do not enter into legally enforceable agreements that enable the posting and receiving of collateral, we will consider our credit risk in the valuation of derivative liabilities through a DVA and the credit risk of our counterparties in the valuation of derivative assets through a CVA, if warranted. When measuring these valuation adjustments, we generally use credit default swap spreads. |
Held-for-sale Operations (Table
Held-for-sale Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities of Operations Held-for-Sale | The assets and liabilities of operations held-for-sale are summarized below. December 31, ($ in millions) 2023 Assets Loans held-for-sale, net $ 1,940 Other assets (a) 35 Total assets $ 1,975 Liabilities Accrued expenses and other liabilities (b) $ 17 Total liabilities $ 17 (a) Primarily includes accrued interest and fees of $25 million, goodwill of $4 million, and property and equipment of $4 million. (b) Includes $5 million for reserves for unfunded lending commitments. |
Schedule of Fair Value Measurements - Nonrecurring Basis | The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and still held at December 31, 2023. Refer to Note 24 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ 1,940 $ — $ 1,940 $ — n/m (a) Other assets (b) — 35 — 35 (149) n/m (a) Total assets $ — $ 1,975 $ — $ 1,975 $ (149) n/m Liabilities Accrued expenses and other liabilities $ — $ 17 $ — $ 17 $ — n/m (a) Total liabilities $ — $ 17 $ — $ 17 $ — n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. (b) Includes a $149 million impairment of goodwill at Ally Lending. At the time of impairment, the fair value of goodwill at Ally Lending was classified as Level 2 under the fair value hierarchy. The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at December 31, 2023, and December 31, 2022, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. This table excludes assets of operations held-for-sale and refer to Note 2 for additional information. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 375 $ 375 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 6 6 — n/m (a) Other — — 49 49 (43) n/m (a) Total commercial finance receivables and loans, net — — 55 55 (43) n/m (a) Other assets Nonmarketable equity investments — — 1 1 1 n/m (a) Repossessed and foreclosed assets (c) — — 10 10 (1) n/m (a) Total assets $ — $ — $ 441 $ 441 $ (43) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 641 $ 641 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 3 3 — n/m (a) Other — — 39 39 (89) n/m (a) Total commercial finance receivables and loans, net — — 42 42 (89) n/m (a) Other assets Nonmarketable equity investments — — 12 12 3 n/m (a) Repossessed and foreclosed assets (c) — — 5 5 — n/m (a) Total assets $ — $ — $ 700 $ 700 $ (86) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents a disaggregated view of our revenue from contracts with customers included in other revenue that falls within the scope of the revenue recognition principles of ASC Topic 606, Revenue from Contracts with Customers . Year ended December 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2023 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 686 $ — $ — $ — $ 686 Remarketing fee income 117 — — — — 117 Brokerage commissions and other revenue — — — — 89 89 Banking fees and interchange income (d) (e) — — — — 44 44 Brokered/agent commissions — 13 — — — 13 Other 18 1 — — — 19 Total revenue from contracts with customers 135 700 — — 133 968 All other revenue 186 728 16 104 11 1,045 Total other revenue (f) $ 321 $ 1,428 $ 16 $ 104 $ 144 $ 2,013 2022 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 655 $ — $ — $ — $ 655 Remarketing fee income 107 — — — — 107 Brokerage commissions and other revenue — — — — 64 64 Banking fees and interchange income (d) (e) — — — — 44 44 Brokered/agent commissions — 14 — — — 14 Other 20 — — — 4 24 Total revenue from contracts with customers 127 669 — — 112 908 All other revenue 179 354 27 122 (12) 670 Total other revenue (f) $ 306 $ 1,023 $ 27 $ 122 $ 100 $ 1,578 2021 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 627 $ — $ — $ — $ 627 Remarketing fee income 107 — — — — 107 Brokerage commissions and other revenue — — — — 58 58 Banking fees and interchange income (d) (e) — — — — 18 18 Brokered/agent commissions — 16 — — — 16 Other 22 — — — 4 26 Total revenue from contracts with customers 129 643 — — 80 852 All other revenue 122 702 94 128 141 1,187 Total other revenue (f) $ 251 $ 1,345 $ 94 $ 128 $ 221 $ 2,039 (a) We had opening balances of $3.0 billion, $3.1 billion and $3.0 billion in unearned revenue associated with outstanding contracts at January 1, 2023, 2022, and 2021, respectively, and $973 million, $939 million, and $909 million of these balances were recognized as insurance premiums and service revenue earned in our Consolidated Statement of Income during the years ended December 31, 2023, 2022, and 2021. (b) At December 31, 2023, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $880 million in 2024, $717 million in 2025, $554 million in 2026, $382 million in 2027, and $427 million thereafter. We had unearned revenue of $3.0 billion and $3.1 billion associated with outstanding contracts at December 31, 2022, and 2021, respectively. (c) We had deferred insurance assets of $1.8 billion at both December 31, 2023, and 2022, and $1.9 billion at December 31, 2021. We recognized $580 million, $564 million, and $537 million of expense during the years ended December 31, 2023, 2022, and 2021, respectively. (d) Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. (e) Interchange income is reported net of customer rewards. Customer rewards expense was $20 million, $14 million, and $1 million for the years ended December 31, 2023, 2022, and 2021, respectively. (f) Represents a component of total net revenue. Refer to Note 26 for further information on our reportable operating segments. |
Insurance Premiums and Servic_2
Insurance Premiums and Service Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance Premiums and Service Revenue [Abstract] | |
Schedule of Insurance Premiums and Service Revenue | The following table is a summary of insurance premiums and service revenue written and earned. 2023 2022 2021 Year ended December 31, ($ in millions) Written Earned Written Earned Written Earned Insurance premiums Direct $ 476 $ 446 $ 388 $ 379 $ 397 $ 389 Assumed 93 68 42 29 15 8 Gross insurance premiums 569 514 430 408 412 397 Ceded (265) (238) (216) (211) (200) (205) Net insurance premiums 304 276 214 197 212 192 Service revenue 971 995 889 954 985 925 Insurance premiums and service revenue written and earned $ 1,275 $ 1,271 $ 1,103 $ 1,151 $ 1,197 $ 1,117 |
Other Income, Net of Losses (Ta
Other Income, Net of Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Income, by Component | Details of other income, net of losses, were as follows. Year ended December 31, ($ in millions) 2023 2022 2021 Late charges and other administrative fees $ 198 $ 162 $ 123 Remarketing fees 117 107 107 Income from equity-method investments (a) 4 102 132 (Loss) gain on nonmarketable equity investments, net (a) (10) (132) 142 Other, net 273 256 182 Total other income, net of losses $ 582 $ 495 $ 686 (a) Refer to Note 13 for further information on our equity-method investments and nonmarketable equity investments. |
Reserves for Insurance Losses_2
Reserves for Insurance Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table shows incurred claims and allocated loss adjustment expenses, net of reinsurance. For the years ended December 31, ($ in millions) December 31, 2023 ($ in millions) (unaudited supplementary information) Total of incurred-but-not-reported liabilities plus expected development on reported claims (a) Cumulative number of reported claims (a) Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 390 $ 389 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ — 525,298 2015 274 271 272 272 272 272 272 272 272 — 342,280 2016 326 327 328 328 328 328 328 328 — 476,057 2017 310 314 315 315 315 315 315 — 481,750 2018 271 272 272 273 273 272 — 506,452 2019 303 306 305 305 305 — 542,360 2020 343 339 339 339 — 494,469 2021 243 237 237 — 493,571 2022 258 267 2 512,716 2023 385 40 568,345 Total $ 3,108 (a) Claims are reported on a claimant basis in a given accident year. Claimant is defined as one vehicle for GAP products, one repair for VSCs and VMCs, one dealership for dealer inventory products, and per individual/coverage for run-off personal automotive products. The following table shows cumulative paid claims and allocated loss adjustment expenses, net of reinsurance. For the years ended December 31, ($ in millions) (unaudited supplementary information) Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 369 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 $ 388 2015 252 272 272 272 272 272 272 272 272 2016 302 327 328 328 328 328 328 328 2017 289 315 315 315 315 315 315 2018 245 273 273 273 273 272 2019 278 306 305 305 305 2020 313 339 339 340 2021 213 236 237 2022 225 260 2023 328 Total 3,045 All outstanding liabilities for loss and allocated loss adjustment expenses before 2014, net of reinsurance 8 Reserves for insurance losses and allocated loss adjustment expenses, net of reinsurance $ 71 The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses. ($ in millions) 2023 2022 2021 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 119 $ 122 $ 129 Less: Reinsurance recoverable 72 81 90 Net reserves for insurance losses and loss adjustment expenses at January 1, 47 41 39 Net insurance losses and loss adjustment expenses incurred related to: Current year 414 282 259 Prior years (a) 8 (2) 2 Total net insurance losses and loss adjustment expenses incurred 422 280 261 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (354) (246) (229) Prior years (41) (28) (30) Total net insurance losses and loss adjustment expenses paid or payable (395) (274) (259) Net reserves for insurance losses and loss adjustment expenses at December 31, 74 47 41 Plus: Reinsurance recoverable 66 72 81 Total gross reserves for insurance losses and loss adjustment expenses at December 31, $ 140 $ 119 $ 122 (a) There have been no material adverse changes to the reserve for prior years. |
Schedule of Historical Claims Duration | The following table shows the average annual percentage payout of incurred claims by age, net of reinsurance. The information presented is unaudited supplementary information. Year 1 2 3 4 5 6 7 8 9 10 Percentage payout of incurred claims 91.5 % 8.4 % 0.1 % — % — % — % — % — % — % — % |
Schedule of Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability | The following table shows a reconciliation of the disclosures of incurred and paid claims development to the reserves for insurance losses and loss adjustment expenses. December 31, ($ in millions) 2023 2022 2021 Reserves for insurance losses and loss adjustment expenses, net of reinsurance $ 71 $ 44 $ 39 Total reinsurance recoverable on unpaid claims 66 72 81 Unallocated loss adjustment expenses 3 3 2 Total gross reserves for insurance losses and loss adjustment expenses $ 140 $ 119 $ 122 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Details of other operating expenses were as follows. Year ended December 31, ($ in millions) 2023 2022 2021 Insurance commissions $ 636 $ 610 $ 562 Technology and communications 436 406 345 Advertising and marketing 308 366 241 Lease and loan administration 210 201 222 Regulatory and licensing fees 205 119 75 Property and equipment depreciation 196 165 153 Professional services 145 173 146 Vehicle remarketing and repossession 116 91 74 Amortization of intangible assets (a) 25 31 20 Other 414 345 368 Total other operating expenses $ 2,691 $ 2,507 $ 2,206 (a) Refer to Note 1 and Note 13 for further information on our intangible assets. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Portfolio | The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows. 2023 2022 Amortized cost Gross unrealized Fair value Amortized cost Gross unrealized Fair value December 31 , ($ in millions) gains losses gains losses Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 2,284 $ — $ (209) $ 2,075 $ 2,272 $ — $ (256) $ 2,016 U.S. States and political subdivisions 727 1 (70) 658 841 1 (82) 760 Foreign government 190 1 (8) 183 158 — (12) 146 Agency mortgage-backed residential (a) 18,122 1 (2,739) 15,384 19,668 3 (3,038) 16,633 Mortgage-backed residential 268 — (43) 225 5,154 — (855) 4,299 Agency mortgage-backed commercial (a) 4,539 2 (783) 3,758 4,380 — (845) 3,535 Asset-backed 344 — (12) 332 459 — (26) 433 Corporate debt 1,942 4 (146) 1,800 1,931 1 (213) 1,719 Total available-for-sale securities (b) (c) (d) (e) (f) $ 28,416 $ 9 $ (4,010) $ 24,415 $ 34,863 $ 5 $ (5,327) $ 29,541 Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 999 $ — $ (173) $ 826 $ 1,062 $ — $ (178) $ 884 Mortgage-backed residential 3,603 221 — 3,824 — — — — Asset-backed retained notes 78 1 — 79 — — — — Total held-to-maturity securities (d) (f) (g) $ 4,680 $ 222 $ (173) $ 4,729 $ 1,062 $ — $ (178) $ 884 (a) Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $46 million asset and a $12 million liability for agency mortgage-backed residential securities at December 31, 2023, and December 31, 2022, respectively, and a $29 million asset and $15 million asset for agency mortgage-backed commercial securities at December 31, 2023, and December 31, 2022. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 21 for additional information. (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 21 for additional information. (c) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million at both December 31, 2023, and December 31, 2022. (d) Investment securities with a fair value of $4.7 billion and $3.9 billion were pledged as collateral at December 31, 2023, and December 31, 2022, respectively. This primarily included $3.3 billion and $3.0 billion pledged to secure advances from the FHLB at December 31, 2023, and December 31, 2022, respectively. This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $1.4 billion and $899 million of the underlying available-for-sale securities at December 31, 2023, and December 31, 2022, respectively. (e) Totals do not include accrued interest receivable, which was $76 million and $91 million at December 31, 2023, and December 31, 2022, respectively. Accrued interest receivable is included in other assets (f) There was no allowance for credit losses recorded at both December 31, 2023, or December 31, 2022, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities. (g) Totals do not include accrued interest receivable, which was $13 million and $2 million at December 31, 2023, and December 31, 2022, respectively. Accrued interest receivable is included in other assets on our Consolidated Balance Sheet. |
Schedule of Investments Classified by Contractual Maturity Date | The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield December 31, 2023 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,075 1.6 % $ 215 0.9 % $ 1,120 1.5 % $ 740 1.9 % $ — — % U.S. States and political subdivisions 658 3.2 4 3.4 55 2.7 110 3.6 489 3.1 Foreign government 183 2.3 20 1.3 82 2.4 81 2.5 — — Agency mortgage-backed residential (b) 15,384 2.6 — — 10 1.9 32 2.5 15,342 2.6 Mortgage-backed residential 225 2.7 — — — — — — 225 2.7 Agency mortgage-backed commercial (b) 3,758 2.3 — — 163 3.8 1,641 2.4 1,954 2.1 Asset-backed 332 1.7 — — 327 1.7 4 3.9 1 2.7 Corporate debt 1,800 2.7 210 2.4 915 2.6 671 2.9 4 6.2 Total available-for-sale securities $ 24,415 2.5 $ 449 1.7 $ 2,672 2.1 $ 3,279 2.4 $ 18,015 2.5 Amortized cost of available-for-sale securities $ 28,416 $ 461 $ 2,844 $ 3,746 $ 21,365 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 999 2.8 % $ — — % $ — — % $ — — % $ 999 2.8 % Mortgage-backed residential 3,603 2.8 — — — — 12 3.0 3,591 2.8 Asset-backed retained notes 78 5.6 1 5.6 41 5.6 2 6.0 34 5.6 Total held-to-maturity securities $ 4,680 2.8 $ 1 5.6 $ 41 5.6 $ 14 3.4 $ 4,624 2.8 December 31, 2022 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,016 1.6 % $ — — % $ 716 1.3 % $ 1,300 1.7 % $ — — % U.S. States and political subdivisions 760 3.2 26 2.7 60 2.7 112 3.3 562 3.2 Foreign government 146 1.8 13 0.8 74 1.8 59 1.9 — — Agency mortgage-backed residential (b) 16,633 2.6 — — — — 27 2.0 16,606 2.6 Mortgage-backed residential 4,299 2.8 — — — — 14 2.9 4,285 2.8 Agency mortgage-backed commercial (b) 3,535 2.2 — — 66 3.1 1,234 2.1 2,235 2.1 Asset-backed 433 1.7 — — 401 1.7 25 1.8 7 3.5 Corporate debt 1,719 2.4 86 2.4 912 2.3 705 2.6 16 4.9 Total available-for-sale securities $ 29,541 2.5 $ 125 2.3 $ 2,229 1.9 $ 3,476 2.1 $ 23,711 2.6 Amortized cost of available-for-sale securities $ 34,863 $ 126 $ 2,403 $ 4,048 $ 28,286 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,062 2.8 % $ — — % $ — — % $ — — % $ 1,062 2.8 % Total held-to-maturity securities $ 1,062 2.8 $ — — $ — — $ — — $ 1,062 2.8 (a) Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses. (b) Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $46 million asset and a $12 million liability for agency mortgage-backed residential securities at December 31, 2023, and December 31, 2022, respectively, and a $29 million asset and $15 million asset for agency mortgage-backed commercial securities at December 31, 2023, and December 31, 2022. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 21 for additional information. |
Schedule of Investment Income | The following table presents interest and dividends on investment securities. Year ended December 31, ($ in millions) 2023 2022 2021 Taxable interest $ 938 $ 765 $ 533 Taxable dividends 20 17 27 Interest and dividends exempt from U.S. federal income tax 22 22 19 Interest and dividends on investment securities $ 980 $ 804 $ 579 |
Schedule of Realized Gain (Loss) | The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period. Year ended December 31, ($ in millions) 2023 2022 2021 Available-for-sale securities Gross realized gains $ 5 $ 23 $ 102 Net realized gain on available-for-sale securities 5 23 102 Net realized gain on equity securities 32 72 190 Net unrealized gain (loss) on equity securities 107 (215) (7) Other gain (loss) on investments, net $ 144 $ (120) $ 285 |
Schedule of Held to Maturity Debt Securities by Credit Quality | The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of December 31, 2023, and December 31, 2022. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both December 31, 2023, and December 31, 2022. We have not recorded any interest income reversals on our held-to-maturity securities during the years ended December 31, 2023, or 2022 . December 31, ($ in millions) AAA AA A BBB Total (a) 2023 Debt securities Agency mortgage-backed residential $ — $ 999 $ — $ — $ 999 Mortgage-backed residential 3,497 93 13 — 3,603 Asset-backed retained notes 73 2 2 1 78 Total held-to-maturity securities $ 3,570 $ 1,094 $ 15 $ 1 $ 4,680 2022 Debt securities Agency mortgage-backed residential $ — $ 1,062 $ — $ — $ 1,062 Total held-to-maturity securities $ — $ 1,062 $ — $ — $ 1,062 (a) Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. |
Schedule of Available-for-Sale Securities in Unrealized Loss Position | The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1. As of December 31, 2023, and December 31, 2022, we did not have the intent to sell the available-for-sale securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the years ended December 31, 2023, or 2022. 2023 2022 Less than 12 months 12 months or longer Less than 12 months 12 months or longer December 31, ($ in millions) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ — $ — $ 2,075 $ (209) $ 529 $ (68) $ 1,487 $ (188) U.S. States and political subdivisions 70 — 501 (70) 547 (55) 135 (27) Foreign government 16 — 134 (8) 75 (4) 71 (8) Agency mortgage-backed residential (a) 300 (5) 15,015 (2,734) 7,472 (892) 8,978 (2,146) Mortgage-backed residential — — 225 (43) 1,985 (289) 2,287 (566) Agency mortgage-backed commercial (a) 153 (4) 3,472 (779) 996 (124) 2,535 (721) Asset-backed 18 — 302 (12) 162 (4) 272 (22) Corporate debt 33 (1) 1,607 (145) 782 (67) 895 (146) Total available-for-sale securities $ 590 $ (10) $ 23,331 $ (4,000) $ 12,548 $ (1,503) $ 16,660 $ (3,824) (a) Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at December 31, 2023, and December 31, 2022. The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 21 for additional information. |
Finance Receivables and Loans_2
Finance Receivables and Loans, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The composition of finance receivables and loans reported at amortized cost basis was as follows. December 31, ($ in millions) 2023 2022 Consumer automotive (a) $ 84,320 $ 83,286 Consumer mortgage Mortgage Finance (b) 18,442 19,445 Mortgage — Legacy (c) 225 290 Total consumer mortgage 18,667 19,735 Consumer other Personal Lending (d) (e) — 1,990 Credit Card 1,990 1,599 Total consumer other 1,990 3,589 Total consumer 104,977 106,610 Commercial Commercial and industrial Automotive 18,700 14,595 Other 9,712 9,154 Commercial real estate 6,050 5,389 Total commercial 34,462 29,138 Total finance receivables and loans (f) (g) $ 139,439 $ 135,748 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 21 for additional information. (b) Includes loans originated as interest-only mortgage loans of $2 million and $3 million at December 31, 2023, and December 31, 2022, respectively, of which all have exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $13 million and $17 million at December 31, 2023, and December 31, 2022, respectively, of which all have exited the interest-only period. (d) Personal Lending finance receivables and loans, net were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. Refer to Note 2 for additional information. (e) Includes $3 million of finance receivables at December 31, 2022, for which we have elected the fair value option. (f) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both December 31, 2023, and 2022. (g) Totals do not include accrued interest receivable, which was $853 million and $707 million at December 31, 2023, and December 31, 2022, respectively. Accrued interest receivable is included in other assets on our Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net. |
Schedule of Allowance for Credit Losses on Financing Receivables | The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the years ended December 31, 2023, and 2022, respectively. ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at January 1, 2023 $ 3,020 $ 27 $ 426 $ 238 $ 3,711 Charge-offs (b) (2,284) (3) (303) (130) (2,720) Recoveries 793 9 25 6 833 Net charge-offs (1,491) 6 (278) (124) (1,887) Write-downs from transfers to held-for-sale (c) (d) (41) — (174) — (215) Provision for credit losses (e) 1,595 (11) 319 76 1,979 Other — (1) — — (1) Allowance at December 31, 2023 $ 3,083 $ 21 $ 293 $ 190 $ 3,587 (a) Excludes $3 million of finance receivables and loans at January 1, 2023, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 for information regarding our charge-off policies. (c) Consumer automotive includes a $41 million reduction of allowance from the sales of retained interests related to securitizations during 2023, resulting in the deconsolidation of the assets and liabilities from our Consolidated Balance Sheet. Refer to Note 11 for further information. (d) Consumer other includes a $174 million reduction of allowance from transfers to held-for-sale related to Personal Lending. Refer to Note 2 for further information. (e) Excludes $11 million of benefit for credit losses related to our reserve for unfunded commitments. The remaining liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Consolidated Balance Sheet, excluding $5 million related to Personal Lending, which was transferred to liabilities of operations held-for-sale as of December 31, 2023. Refer to Note 2 for further information. ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at January 1, 2022 $ 2,769 $ 27 $ 221 $ 250 $ 3,267 Charge-offs (b) (1,434) (3) (133) (58) (1,628) Recoveries 649 12 12 3 676 Net charge-offs (785) 9 (121) (55) (952) Provision for credit losses (c) 1,036 (8) 326 42 1,396 Other — (1) — 1 — Allowance at December 31, 2022 $ 3,020 $ 27 $ 426 $ 238 $ 3,711 (a) Excludes $7 million and $3 million of finance receivables and loans at January 1, 2022, and December 31, 2022, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 for information regarding our charge-off policies. (c) |
Schedule of Sales of Financing Receivables and Loans | The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value. Year ended December 31, ($ in millions) 2023 2022 Consumer automotive $ 1,667 $ 23 Consumer mortgage — 4 Consumer other (a) 1,940 — Commercial 132 — Total sales and transfers $ 3,739 $ 27 (a) Consists of personal lending finance receivables and loans. These were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. |
Schedule of Purchases of Financing Receivables and Loans | The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Year ended December 31, ($ in millions) 2023 2022 Consumer automotive $ 3,861 $ 4,092 Consumer mortgage 21 2,781 Commercial 10 18 Total purchases of finance receivables and loans (a) $ 3,892 $ 6,891 (a) Excludes $12 million of financial receivables and loans purchased during the year ended December 31, 2022, for which we have elected the fair value option. |
Schedule of Financing Receivables, Nonaccrual Status | The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of December 31, 2023, and December 31, 2022. December 31, 2023 ($ in millions) Nonaccrual status at Jan. 1, 2023 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,187 $ 1,129 $ 531 Consumer mortgage Mortgage Finance 34 41 21 Mortgage — Legacy 15 13 12 Total consumer mortgage 49 54 33 Consumer other Personal Lending (b) 13 — — Credit Card 43 92 — Total consumer other 56 92 — Total consumer 1,292 1,275 564 Commercial Commercial and industrial Automotive 5 18 13 Other 157 98 5 Commercial real estate — 3 3 Total commercial 162 119 21 Total finance receivables and loans (c) $ 1,454 $ 1,394 $ 585 (a) Represents a component of nonaccrual status at end of period. (b) Personal Lending finance receivables and loans were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. Refer to Note 2 for additional information. (c) We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $16 million for the year ended December 31, 2023. December 31, 2022 ($ in millions) Nonaccrual status at Jan. 1, 2022 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,078 $ 1,187 $ 445 Consumer mortgage Mortgage Finance 59 34 25 Mortgage — Legacy 26 15 14 Total consumer mortgage 85 49 39 Consumer other Personal Lending 5 13 — Credit Card 11 43 — Total consumer other 16 56 — Total consumer 1,179 1,292 484 Commercial Commercial and industrial Automotive 33 5 2 Other 221 157 33 Commercial real estate 3 — — Total commercial 257 162 35 Total finance receivables and loans (b) $ 1,436 $ 1,454 $ 519 (a) Represents a component of nonaccrual status at end of period. (b) We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $13 million for the year ended December 31, 2022. |
Schedule of Financing Receivable Credit Quality Indicators | The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year. Origination year Revolving loans converted to term December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Consumer automotive Current $ 30,677 $ 23,699 $ 14,209 $ 6,132 $ 3,306 $ 1,876 $ — $ — $ 79,899 30–59 days past due 539 1,041 739 270 181 122 — — 2,892 60–89 days past due 170 443 303 109 68 45 — — 1,138 90 or more days past due 64 167 122 44 32 28 — — 457 Total consumer automotive (a) 31,450 25,350 15,373 6,555 3,587 2,071 — — 84,386 Consumer mortgage Mortgage Finance Current 152 2,170 10,374 1,836 747 3,073 — — 18,352 30–59 days past due 1 8 14 3 3 20 — — 49 60–89 days past due — 2 4 3 — 5 — — 14 90 or more days past due — 1 4 1 2 19 — — 27 Total Mortgage Finance 153 2,181 10,396 1,843 752 3,117 — — 18,442 Mortgage — Legacy Current — — — — — 51 142 17 210 30–59 days past due — — — — — 3 — 1 4 60–89 days past due — — — — — 1 1 — 2 90 or more days past due — — — — — 6 2 1 9 Total Mortgage — Legacy — — — — — 61 145 19 225 Total consumer mortgage 153 2,181 10,396 1,843 752 3,178 145 19 18,667 Consumer other Credit Card Current — — — — — — 1,828 — 1,828 30–59 days past due — — — — — — 39 — 39 60–89 days past due — — — — — — 34 — 34 90 or more days past due — — — — — — 89 — 89 Total Credit Card — — — — — — 1,990 — 1,990 Total consumer other (b) — — — — — — 1,990 — 1,990 Total consumer $ 31,603 $ 27,531 $ 25,769 $ 8,398 $ 4,339 $ 5,249 $ 2,135 $ 19 $ 105,043 (a) Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $66 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 21 for additional information. (b) Excludes Personal Lending finance receivables and loans, which were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. Refer to Note 2 for additional information. Origination year Revolving loans converted to term December 31, 2022 ($ in millions) 2022 2021 2020 2019 2018 2017 and prior Revolving loans Total Consumer automotive Current $ 36,127 $ 22,102 $ 10,341 $ 6,451 $ 3,237 $ 1,890 $ — $ — $ 80,148 30–59 days past due 707 878 370 284 165 120 — — 2,524 60–89 days past due 207 324 135 99 55 38 — — 858 90 or more days past due 73 111 47 38 23 24 — — 316 Total consumer automotive (a) 37,114 23,415 10,893 6,872 3,480 2,072 — — 83,846 Consumer mortgage Mortgage Finance Current 2,292 10,893 1,946 815 577 2,805 — — 19,328 30–59 days past due 15 29 4 3 4 26 — — 81 60–89 days past due 2 4 — 1 1 3 — — 11 90 or more days past due — 1 — 2 8 14 — — 25 Total Mortgage Finance 2,309 10,927 1,950 821 590 2,848 — — 19,445 Mortgage — Legacy Current — — — — — 62 191 18 271 30–59 days past due — — — — — 4 1 — 5 60–89 days past due — — — — — — — 1 1 90 or more days past due — — — — — 8 3 2 13 Total Mortgage — Legacy — — — — — 74 195 21 290 Total consumer mortgage 2,309 10,927 1,950 821 590 2,922 195 21 19,735 Consumer other Personal Lending Current 1,492 392 48 5 1 — — — 1,938 30–59 days past due 14 6 1 — — — — — 21 60–89 days past due 9 5 1 — — — — — 15 90 or more days past due 8 5 — — — — — — 13 Total Personal Lending (b) 1,523 408 50 5 1 — — — 1,987 Credit Card Current — — — — — — 1,518 — 1,518 30–59 days past due — — — — — — 22 — 22 60–89 days past due — — — — — — 18 — 18 90 or more days past due — — — — — — 41 — 41 Total Credit Card — — — — — — 1,599 — 1,599 Total consumer other 1,523 408 50 5 1 — 1,599 — 3,586 Total consumer $ 40,946 $ 34,750 $ 12,893 $ 7,698 $ 4,071 $ 4,994 $ 1,794 $ 21 $ 107,167 (a) Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $560 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2022. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 21 for additional information. (b) Excludes $3 million of finance receivables at December 31, 2022, for which we have elected the fair value option. Origination year Revolving loans converted to term December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Commercial Commercial and industrial Automotive Pass $ 509 $ 512 $ 165 $ 97 $ 58 $ 22 $ 16,446 $ — $ 17,809 Special mention 6 7 30 1 1 14 723 — 782 Substandard — 1 — — — — 44 — 45 Doubtful — — — — — 1 63 — 64 Total automotive 515 520 195 98 59 37 17,276 — 18,700 Other Pass 331 646 343 405 266 180 6,202 173 8,546 Special mention — 208 188 206 51 85 198 25 961 Substandard — — 46 3 — 83 25 11 168 Doubtful — — — — — 26 10 — 36 Loss — — — — 1 — — — 1 Total other 331 854 577 614 318 374 6,435 209 9,712 Commercial real estate Pass 971 1,452 1,129 884 607 811 100 26 5,980 Special mention 3 16 28 1 18 — — — 66 Substandard — 3 — — — 1 — — 4 Total commercial real estate 974 1,471 1,157 885 625 812 100 26 6,050 Total commercial $ 1,820 $ 2,845 $ 1,929 $ 1,597 $ 1,002 $ 1,223 $ 23,811 $ 235 $ 34,462 Origination year Revolving loans converted to term December 31, 2022 ($ in millions) 2022 2021 2020 2019 2018 2017 and prior Revolving loans Total Commercial Commercial and industrial Automotive Pass $ 640 $ 211 $ 132 $ 78 $ 28 $ 34 $ 12,327 $ — $ 13,450 Special mention 23 47 — — 10 21 1,016 — 1,117 Substandard — — — 1 — — 27 — 28 Total automotive 663 258 132 79 38 55 13,370 — 14,595 Other Pass 594 469 607 419 54 133 5,344 89 7,709 Special mention 177 158 175 95 47 128 278 35 1,093 Substandard — — 4 51 — 139 55 13 262 Doubtful — — — 64 — 25 — — 89 Loss — — — — — — 1 — 1 Total other 771 627 786 629 101 425 5,678 137 9,154 Commercial real estate Pass 1,481 1,118 951 679 369 716 9 13 5,336 Special mention — 32 2 19 — — — — 53 Total commercial real estate 1,481 1,150 953 698 369 716 9 13 5,389 Total commercial $ 2,915 $ 2,035 $ 1,871 $ 1,406 $ 508 $ 1,196 $ 19,057 $ 150 $ 29,138 The following table presents gross charge-offs of our finance receivables and loans for each portfolio class by origination year that occurred during the year ended December 31, 2023. Refer to Note 1 for additional information on our charge-off policy. Origination year Revolving loans converted to term Year ended December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Consumer automotive (a) $ 225 $ 952 $ 651 $ 194 $ 142 $ 120 $ — $ — $ 2,284 Consumer mortgage Mortgage Finance — — — — — 1 — — 1 Mortgage — Legacy — — — — — 2 — — 2 Total consumer mortgage — — — — — 3 — — 3 Consumer other Personal Lending (b) 14 82 29 3 — — — — 128 Credit Card — — — — — — 165 10 175 Total consumer other 14 82 29 3 — — 165 10 303 Total consumer 239 1,034 680 197 142 123 165 10 2,590 Commercial Commercial and industrial Automotive — — — — — 5 19 — 24 Other — — — — 79 23 4 — 106 Total commercial — — — — 79 28 23 — 130 Total finance receivables and loans $ 239 $ 1,034 $ 680 $ 197 $ 221 $ 151 $ 188 $ 10 $ 2,720 (a) Excludes $41 million of write-downs from transfers to held-for-sale from the sales of retained interests related to securitizations during 2023, resulting in the deconsolidation of the assets and liabilities from our Consolidated Balance Sheet. Refer to Note 11 for additional information. (b) Excludes $174 million of write-downs from the transfer to held-for-sale related to Personal Lending. Refer to Note 2 for additional information. |
Schedule of Past Due Financing Receivables | The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis. ($ in millions) 30–59 days past due 60–89 days past due 90 days or more past due Total past due Current Total finance receivables and loans December 31, 2023 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 18,700 $ 18,700 Other 2 — 3 5 9,707 9,712 Commercial real estate — — — — 6,050 6,050 Total commercial $ 2 $ — $ 3 $ 5 $ 34,457 $ 34,462 December 31, 2022 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 14,595 $ 14,595 Other — 1 2 3 9,151 9,154 Commercial real estate — — — — 5,389 5,389 Total commercial $ — $ 1 $ 2 $ 3 $ 29,135 $ 29,138 |
Schedule of Loan Modifications and Troubled Debt Restructuring | The following table presents the amortized cost basis of loans that were modified subsequent to origination during the year ended December 31, 2023, for each portfolio segment, by modification type. For additional information on loan modification types in scope of this disclosure, refer to Note 1. The below table excludes consumer mortgage finance receivables and loans currently enrolled in a trial modification program. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. If the borrower successfully completes the trial loan modification program, the contractual terms of the loan are updated and the modification is considered permanent. As of December 31, 2023, there were $5 million of consumer mortgage finance receivables and loans in a trial modification program. Payment extensions Year ended December 31, 2023 ($ in millions) Payment deferrals (a) Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total (b) Consumer automotive $ — $ 234 $ 13 $ — $ 28 $ 275 Consumer mortgage Mortgage Finance — 3 — — 3 6 Mortgage — Legacy — 1 — — 1 2 Total consumer mortgage — 4 — — 4 8 Consumer other Credit Card — — — 13 — 13 Total consumer other — — — 13 — 13 Total consumer — 238 13 13 32 296 Commercial Commercial and industrial Other 36 46 — — — 82 Total commercial 36 46 — — — 82 Total finance receivables and loans $ 36 $ 284 $ 13 $ 13 $ 32 $ 378 (a) Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the year ended December 31, 2023. (b) Represents 0.3% of total finance receivables and loans outstanding as of December 31, 2023. Total commitments to lend additional funds to borrowers whose loans were modified during the year ended December 31, 2023, was $6 million as of December 31, 2023. The following table presents the financial effect of loan modifications that occurred during the year ended December 31, 2023. Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) (c) Year ended December 31, 2023 ($ in millions) Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate Consumer automotive 29 $ 3 — % — % 74 86 10.3 % 9.5 % Consumer mortgage Mortgage Finance 154 — — — 307 472 4.7 3.3 Mortgage — Legacy 76 — — — 174 283 2.7 2.0 Total consumer mortgage 132 — — — 286 442 4.4 3.1 Consumer other Credit Card — — 30.0 8.0 — — — — Total consumer other — $ — 30.0 8.0 — — — — Commercial Commercial and industrial Other (d) 15 $ — — % — % — — — % — % Total commercial 15 $ — — — — — — — (a) Calculated using a weighted-average balance for each portfolio class. (b) Term is presented in number of months. (c) Some consumer mortgage combination loan modifications include deferrals of principal. The weighted average number of months deferred for these loans was 207 months. (d) Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the year ended December 31, 2023. The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that have been modified during the year ended December 31, 2023. Year ended December 31, 2023 ($ in millions) Current 30–59 days past due 60–89 days past due 90 or more days past due (a) Total Consumer automotive Contractual maturity extensions $ 202 $ 24 $ 7 $ 1 $ 234 Principal forgiveness 7 1 — 5 13 Combination 25 2 — 1 28 Total consumer automotive 234 27 7 7 275 Consumer mortgage Mortgage Finance Contractual maturity extensions 3 — — — 3 Combination 1 — — 2 3 Total Mortgage Finance 4 — — 2 6 Mortgage — Legacy Contractual maturity extensions 1 — — — 1 Combination 1 — — — 1 Total Mortgage — Legacy 2 — — — 2 Total consumer mortgage 6 — — 2 8 Consumer other Credit Card Interest rate concessions 7 2 1 3 13 Total consumer other 7 2 1 3 13 Total consumer $ 247 $ 29 $ 8 $ 12 $ 296 (a) Includes 235 consumer automotive loans with a total amortized cost of $5 million and 1 consumer mortgage loan with a total amortized cost of $2 million that redefaulted during the year ended December 31, 2023. Year ended December 31, 2023 ($ in millions) Pass Special mention Substandard Doubtful Total Commercial and industrial Other Payment deferrals (a) $ — $ — $ — $ 36 $ 36 Contractual maturity extensions 34 7 5 — 46 Total commercial $ 34 $ 7 $ 5 $ 36 $ 82 (a) Includes a commercial and industrial loan within our Corporate Finance operations that was also granted a three-month contractual maturity extension during the year ended December 31, 2023. The following tables present information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period. Year ended December 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis 2022 Consumer automotive 49,773 $ 831 $ 805 Consumer mortgage Mortgage Finance 18 12 12 Mortgage — Legacy 13 1 1 Total consumer mortgage 31 13 13 Consumer other Credit Card 2,853 5 5 Total consumer other 2,853 5 5 Total consumer 52,657 849 823 Commercial Commercial and industrial Other 5 461 466 Total commercial 5 461 466 Total finance receivables and loans 52,662 $ 1,310 $ 1,289 Year ended December 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis 2021 Consumer automotive 77,991 $ 1,395 $ 1,371 Consumer mortgage Mortgage Finance 38 22 22 Mortgage — Legacy 16 2 2 Total consumer mortgage 54 24 24 Consumer other Credit Card 113 — — Total consumer other 113 — — Total consumer 78,158 1,419 1,395 Commercial Commercial and industrial Automotive 1 2 2 Other 1 33 33 Commercial real estate 2 4 4 Total commercial 4 39 39 Total finance receivables and loans 78,162 $ 1,458 $ 1,434 |
Schedule of Finance Receivables and Loans Redefaulted During the Period | The following table presents information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy except for commercial finance receivables and loans, where redefault is defined as 90 days past due. Year ended December 31, ($ in millions) Number of loans Amortized cost Charge-off amount 2022 Consumer automotive 9,227 $ 143 $ 64 Consumer mortgage Mortgage Finance 4 2 — Total consumer mortgage 4 2 — Consumer Other Credit Card 457 — — Total consumer other 457 — — Total consumer 9,688 145 64 Commercial Commercial and industrial Other 1 1 31 Total commercial 1 1 31 Total finance receivables and loans 9,689 $ 146 $ 95 2021 Consumer automotive 9,295 $ 119 $ 61 Consumer mortgage Mortgage Finance 1 — — Mortgage — Legacy 4 — — Total consumer mortgage 5 — — Total consumer finance receivables and loans 9,300 119 61 Total finance receivables and loans 9,300 $ 119 $ 61 |
Schedule of Consumer Concentration Risk | The following table shows the percentage of consumer automotive, consumer mortgage, and consumer other finance receivables and loans by state concentration based on amortized cost. 2023 (a) 2022 December 31, Consumer automotive Consumer mortgage Consumer other (b) Consumer automotive Consumer mortgage Consumer other (c) California 8.5 % 39.2 % 9.4 % 8.7 % 38.8 % 8.4 % Texas 13.7 7.3 7.6 13.6 7.3 7.7 Florida 9.5 6.5 9.0 9.5 6.6 7.8 Pennsylvania 4.5 2.1 4.2 4.5 2.1 4.6 Georgia 4.1 2.9 3.7 4.1 2.9 3.5 North Carolina 4.3 1.9 2.9 4.1 1.9 4.6 New York 3.7 1.9 5.4 3.6 1.9 4.8 Illinois 3.3 2.8 4.6 3.5 2.8 4.3 New Jersey 3.2 2.4 3.7 3.2 2.4 3.6 Ohio 3.4 0.4 4.5 3.4 0.4 3.6 Other United States 41.8 32.6 45.0 41.8 32.9 47.1 Total consumer loans 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (a) Presentation is in descending order as a percentage of total consumer finance receivables and loans at December 31, 2023. (b) Excludes Personal Lending finance receivables and loans, which were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. Refer to Note 2 for additional information. (c) Excludes $3 million of finance receivables at December 31, 2022, for which we have elected the fair value option. |
Schedule of Commercial Concentration Risk | The following table presents the percentage of total commercial real estate finance receivables and loans by state concentration based on amortized cost. December 31, 2023 2022 Florida 17.6 % 17.9 % Texas 13.6 14.9 California 7.9 8.4 Ohio 5.9 4.2 Michigan 5.4 4.2 North Carolina 5.0 5.3 New York 4.5 6.3 Tennessee 3.7 1.2 Georgia 3.0 3.1 Missouri 2.8 2.6 Other United States 30.6 31.9 Total commercial real estate finance receivables and loans 100.0 % 100.0 % |
Schedule of Commercial Criticized Risk Exposure | The following table presents the percentage of total commercial criticized finance receivables and loans by industry concentration based on amortized cost. December 31, 2023 2022 Industry Automotive 54.0 % 53.4 % Electronics 13.4 11.9 Services 12.8 6.5 Other 19.8 28.2 Total commercial criticized finance receivables and loans 100.0 % 100.0 % |
Leasing (Tables)
Leasing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lessee, Operating Lease, Liability, Maturity | The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of December 31, 2023, and that have noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 34 2025 29 2026 22 2027 17 2028 15 2029 and thereafter 3 Total undiscounted cash flows 120 Difference between undiscounted cash flows and discounted cash flows (7) Total lease liability $ 113 |
Schedule of Lease, Cost | The following table details the components of total net operating lease expense. Year ended December 31, ($ in millions) 2023 2022 2021 Operating lease expense $ 29 $ 33 $ 46 Variable lease expense 5 4 7 Total lease expense, net (a) $ 34 $ 37 $ 53 (a) Included in other operating expenses in our Consolidated Statement of Income. |
Schedule of Property Subject to or Available for Operating Lease | The following table details our investment in operating leases. Year ended December 31, ($ in millions) 2023 2022 Vehicles $ 11,101 $ 12,304 Accumulated depreciation (1,930) (1,860) Investment in operating leases, net $ 9,171 $ 10,444 |
Schedule of Lessor, Operating Lease, Payments to be Received, Maturity | The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 1,304 2025 820 2026 382 2027 70 2028 4 Total lease payments from operating leases $ 2,580 |
Schedule of Depreciation Expense on Operating Lease Assets | The following table summarizes the components of depreciation expense on operating lease assets. Year ended December 31, ($ in millions) 2023 2022 2021 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 1,071 $ 1,084 $ 914 Remarketing gains, net (211) (170) (344) Net depreciation expense on operating lease assets $ 860 $ 914 $ 570 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $9 million during the year ended December 31, 2023, $7 million during the year ended December 31, 2022, and $16 million during the year ended December 31, 2021 . |
Schedule of Finance Lease, Liability, Maturity | The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 193 2025 163 2026 140 2027 73 2028 33 2029 and thereafter 11 Total undiscounted cash flows 613 Difference between undiscounted cash flows and discounted cash flows (82) Present value of lease payments recorded as lease receivable $ 531 |
Securitizations and Variable _2
Securitizations and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Securitizations And Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Consolidated Balance Sheet. December 31, ($ in millions) Carrying value of total assets Carrying value of total liabilities Assets sold to nonconsolidated VIEs (a) Maximum exposure to loss in nonconsolidated VIEs 2023 On-balance sheet variable interest entities Consumer automotive $ 16,415 (b) $ 1,614 (c) $ — $ — Off-balance sheet variable interest entities Consumer automotive (d) (e) 81 (f) — 2,514 2,595 (g) Consumer other (h) — — 125 125 Commercial other 2,516 (i) 974 (j) — 2,738 (k) Total $ 19,012 $ 2,588 $ 2,639 $ 5,458 2022 On-balance sheet variable interest entities Consumer automotive $ 20,415 (b) $ 2,553 (c) $ — $ — Off-balance sheet variable interest entities Consumer automotive (e) — — 227 227 (g) Consumer other (h) — — 103 103 Commercial other 2,199 (i) 873 (j) — 2,767 (k) Total $ 22,614 $ 3,426 $ 330 $ 3,097 (a) Asset values represent the current unpaid principal balance of outstanding consumer automotive and credit card finance receivables and loans within the VIEs. (b) Includes $9.3 billion and $10.6 billion of assets that were not encumbered by VIE beneficial interests held by third parties at December 31, 2023, and December 31, 2022, respectively. Ally or consolidated affiliates hold the interests in these assets. (c) Includes $100 million and $113 million of liabilities that were not obligations to third-party beneficial interest holders at December 31, 2023, and December 31, 2022, respectively. (d) In November 2023, we sold retained interests related to on-balance sheet VIEs to an unrelated third party. As a result of these sales, we are no longer the primary beneficiary of the VIEs, and as such have deconsolidated the assets and liabilities from our Consolidated Balance Sheet, including $1.7 billion and $1.4 billion of consumer automotive loans and long-term debt, respectively. We received cash proceeds of $247 million related to these sales, and recognized no gain or loss. We will continue to service the assets previously transferred to the VIEs. (e) Includes activity where we sell loans through a pass through program to a third-party. (f) Represents retained notes and certificated residual interests, of which $78 million was classified as held-to-maturity securities at December 31, 2023, and $3 million was classified as other assets at December 31, 2023. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations. (g) Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss. (h) Represents balances from Ally Credit Card. (i) Amounts are classified as other assets except for $44 million and $38 million classified as equity securities at December 31, 2023, and December 31, 2022, respectively. (j) Amounts are classified as accrued expenses and other liabilities. (k) For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. |
Schedule of Cash Flows with Nonconsolidated Special-Purpose Entities | The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the years ended December 31, 2023, 2022, and 2021. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period. Year ended December 31, ($ in millions) 2023 2022 2021 Consumer automotive Cash proceeds from transfers completed during the period $ 1,131 $ 238 $ — Cash flows received on retained interests in securitization entities 4 — — Servicing fees 19 1 — Other cash flows 1 — — Consumer other (a) Cash proceeds from transfers completed during the period 117 137 4 Servicing fees 8 13 — Total $ 1,280 $ 389 $ 4 (a) Represents activity from Ally Credit Card. |
Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together | The following tables present quantitative information about off-balance sheet securitizations and whole-loan sales where we have continuing involvement. Total amount Amount 60 days or more past due December 31, ($ in millions) 2023 2022 2023 2022 Off-balance-sheet securitization entities Consumer automotive $ 1,558 $ — $ 11 $ — Whole-loan sales (a) Consumer automotive 956 227 44 2 Consumer other 125 103 17 8 Total $ 2,639 $ 330 $ 72 $ 10 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors. Net credit losses Year ended December 31, ($ in millions) 2023 2022 Off-balance-sheet securitization entities Consumer automotive $ 2 $ — Whole-loan sales (a) Consumer automotive 27 — Consumer other 31 2 Total $ 60 $ 2 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors. |
Schedule of Activity in Affordable Housing Program Obligation | The following table summarizes information about our affordable housing investments. Year ended December 31, ($ in millions) 2023 2022 2021 Affordable housing tax credits and other tax benefits (a) $ 200 $ 177 $ 144 Tax credit amortization expense recognized as a component of income tax expense 157 147 118 (a) There were no impairment losses recognized during the years ended December 31, 2023, 2022, and 2021, resulting from the forfeiture or ineligibility of tax credits or other circumstances. |
Premiums Receivable and Other_2
Premiums Receivable and Other Insurance Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Premiums Receivable Disclosure [Abstract] | |
Premiums Receivable and Other Insurance Assets | Premiums receivable and other insurance assets consisted of the following. December 31, ($ in millions) 2023 2022 Prepaid reinsurance premiums $ 580 $ 553 Reinsurance recoverable on unpaid losses 66 72 Reinsurance recoverable on paid losses 38 26 Premiums receivable 154 114 Deferred policy and service contract acquisition costs 1,911 1,933 Total premiums receivable and other insurance assets $ 2,749 $ 2,698 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The components of other assets were as follows. December 31, ($ in millions) 2023 2022 Property and equipment at cost (a) $ 2,153 $ 2,352 Accumulated depreciation (a) (871) (1,076) Net property and equipment 1,282 1,276 Investment in qualified affordable housing projects (b) 1,866 1,596 Net deferred tax assets 1,224 1,087 Accrued interest, fees, and rent receivables (c) 935 786 Nonmarketable equity investments 886 842 Goodwill 669 822 Equity-method investments (d) 651 608 Restricted cash held for securitization trusts (e) 407 585 Other accounts receivable 189 164 Operating lease right-of-use assets 90 111 Restricted cash and cash equivalents (f) 87 66 Net intangible assets 73 98 Other assets 1,036 1,097 Total other assets (g) $ 9,395 $ 9,138 (a) During the year ended December 31, 2023, we retired software with a cost basis of $295 million with an accumulated depreciation of $295 million. (b) Presented gross of the associated unfunded commitment. Refer to Note 16 for further information. (c) Primarily relates to accrued interest, fees, and rent receivables related to our consumer automotive and commercial automotive finance receivables and loans. (d) Primarily relates to investments made in connection with our CRA program. (e) Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions. (f) Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. (g) Excludes Ally Lending other assets which were transferred to assets of operations held-for-sale as of December 31, 2023. Refer to Note 2 for additional information. |
Schedule of Equity Securities without Readily Determinable Fair Value | The total carrying value of the nonmarketable equity investments held at December 31, 2023, and December 31, 2022, including cumulative unrealized gains and losses, was as follows. December 31, ($ in millions) 2023 2022 FRB stock $ 392 $ 401 FHLB stock 392 318 Equity investments without a readily determinable fair value Cost basis at acquisition 74 89 Adjustments Upward adjustments 51 177 Downward adjustments (including impairment) (23) (143) Carrying amount, equity investments without a readily determinable fair value 102 123 Nonmarketable equity investments $ 886 $ 842 During the years ended December 31, 2023, and 2022, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of December 31, 2023, and 2022, were as follows. Year ended December 31, ($ in millions) 2023 2022 Upward adjustments $ 8 $ 1 Downward adjustments (including impairment) (a) $ (17) $ (138) (a) No impairment on FHLB and FRB stock was recognized during the years ended December 31, 2023, and 2022. |
Schedule of Goodwill | The carrying balance of goodwill by reportable operating segment was as follows. ($ in millions) Automotive Finance operations Insurance operations Corporate and Other (a) Total Goodwill at December 31, 2021 $ 20 $ 27 $ 775 $ 822 Goodwill acquired — — — — Goodwill at December 31, 2022 $ 20 $ 27 $ 775 $ 822 Goodwill impairment — — (149) (149) Transfer to assets of operations held-for-sale — — (4) (4) Goodwill at December 31, 2023 $ 20 $ 27 $ 622 $ 669 (a) Includes $479 million of goodwill associated with Ally Credit Card at both December 31, 2023, and December 31, 2022, $143 million of goodwill associated with Ally Invest at both December 31, 2023, and December 31, 2022, and $153 million of goodwill associated with Ally Lending at December 31, 2022. |
Schedule of Finite-Lived Intangible Assets | The net carrying value of intangible assets by class was as follows. 2023 2022 December 31, ($ in millions) Gross intangible assets Accumulated amortization Net carrying value Gross intangible assets Accumulated amortization Net carrying value Technology $ 117 $ (64) $ 53 $ 122 $ (53) $ 69 Customer lists 41 (39) 2 58 (51) 7 Purchased credit card relationships 25 (7) 18 25 (4) 21 Trademarks 2 (2) — 2 (1) 1 Total intangible assets (a) $ 185 $ (112) $ 73 $ 207 $ (109) $ 98 (a) Excludes $22 million of gross intangible assets and $22 million of accumulated amortization that were transferred to assets of operations held-for-sale related to Ally Lending as of December 31, 2023. Refer to Note 2 for additional information. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization expense of intangible assets are as follows. Year ended December 31, ($ in millions) 2024 $ 19 2025 14 2026 14 2027 13 2028 13 Total estimated future amortization expense $ 73 |
Deposit Liabilities (Tables)
Deposit Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Schedule of Deposit Liabilities | Deposit liabilities consisted of the following. December 31, ($ in millions) 2023 2022 Noninterest-bearing deposits $ 139 $ 185 Interest-bearing deposits Savings, money market, and spending accounts 99,340 110,776 Certificates of deposit 55,187 41,336 Total deposit liabilities $ 154,666 $ 152,297 |
Schedule of Time Deposit Maturities | The following table presents the scheduled maturity of total certificates of deposit at December 31, 2023. ($ in millions) Due in 2024 $ 43,450 Due in 2025 7,974 Due in 2026 1,490 Due in 2027 832 Due in 2028 1,441 Total certificates of deposit (a) $ 55,187 (a) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table presents the composition of our short-term borrowings portfolio. 2023 2022 December 31 , ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Federal Home Loan Bank $ — $ 2,550 $ 2,550 $ — $ 1,900 $ 1,900 Securities sold under agreements to repurchase — 747 747 — 499 499 Total short-term borrowings $ — $ 3,297 $ 3,297 $ — $ 2,399 $ 2,399 Weighted average interest rate (b) 5.6 % 4.5 % (a) Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt. (b) Based on the debt outstanding and the interest rate at December 31 of each year. |
Schedule of Long-term Debt | The following tables present the composition of our long-term debt portfolio. December 31, ($ in millions) Amount Interest rate Weighted average stated interest rate (a) Due date range 2023 Unsecured debt Fixed rate (b) $ 10,327 Hedge basis adjustments (c) 97 Total unsecured debt 10,424 0.60–8.00% 6.03 % 2024–2033 Secured debt Fixed rate 7,031 Variable rate (d) 113 Hedge basis adjustment (c) 2 Total secured debt (e) (f) 7,146 0.89–5.29% 3.31 % 2024–2031 Total long-term debt $ 17,570 2022 Unsecured debt Fixed rate (b) $ 9,929 Hedge basis adjustments (c) 108 Total unsecured debt 10,037 0.60–8.00% 5.08 % 2023–2032 Secured debt Fixed rate 7,603 Variable rate (d) 118 Hedge basis adjustment (c) 4 Total secured debt (e) (f) 7,725 0.72–5.29% 2.71 % 2023–2027 Total long-term debt $ 17,762 (a) Based on the debt outstanding and the interest rate at December 31 of each year excluding any impacts of interest rate hedges. (b) Includes subordinated debt of $1.5 billion and $1.0 billion at December 31, 2023, and 2022, respectively. (c) Represents the basis adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 21 for additional information. (d) Represents long-term debt that does not have a stated interest rate. (e) Includes $1.5 billion and $2.4 billion of VIE secured debt at December 31, 2023, and 2022, respectively. (f) Includes advances from the FHLB of Pittsburgh of $5.6 billion and $5.3 billion at December 31, 2023, and 2022, respectively. 2023 2022 December 31 , ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt (a) Due within one year $ 1,409 $ 2,931 $ 4,340 $ 2,023 $ 2,395 $ 4,418 Due after one year 9,015 4,215 13,230 8,014 5,330 13,344 Total long-term debt $ 10,424 $ 7,146 $ 17,570 $ 10,037 $ 7,725 $ 17,762 (a) Includes basis adjustments related to the application of hedge accounting. Refer to Note 21 for additional information. |
Schedule of Maturities of Long-term Debt | The following table presents the scheduled remaining maturity of long-term debt at December 31, 2023, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2024 2025 2026 2027 2028 2029 and thereafter Total Unsecured Long-term debt $ 1,477 $ 2,485 $ 152 $ 1,536 $ 867 $ 4,738 $ 11,255 Original issue discount (68) (74) (82) (94) (107) (406) (831) Total unsecured 1,409 2,411 70 1,442 760 4,332 10,424 Secured Long-term debt 2,931 1,904 1,720 357 225 9 7,146 Total long-term debt $ 4,340 $ 4,315 $ 1,790 $ 1,799 $ 985 $ 4,341 $ 17,570 |
Schedule of Pledged Assets for the Payment of the Related Secured Borrowings and Repurchase Agreements | The following summarizes assets restricted as collateral for the payment of the related debt obligation. December 31, ($ in millions) 2023 2022 Consumer automotive finance receivables $ 40,805 $ 11,759 Consumer mortgage finance receivables 18,703 19,771 Commercial finance receivables 5,968 4,210 Investment securities (amortized cost of $4,030 and $4,288) (a) 4,036 3,525 Total assets restricted as collateral (b) (c) (d) $ 69,512 $ 39,265 Secured debt (e) $ 10,443 $ 10,124 (a) A portion of the restricted investment securities at December 31, 2023, and December 31, 2022, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements. (b) All restricted assets are those of Ally Bank. (c) Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $27.9 billion and $27.0 billion at December 31, 2023, and December 31, 2022, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans as well as mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $34.0 billion and $2.4 billion at December 31, 2023, and December 31, 2022, respectively. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries. (d) Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Consolidated Balance Sheet. Refer to Note 13 for additional information. (e) Includes $3.3 billion and $2.4 billion of short-term borrowings at December 31, 2023, and December 31, 2022, respectively. |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | The components of accrued expenses and other liabilities were as follows. December 31, ($ in millions) 2023 2022 Unfunded commitments for investment in qualified affordable housing projects $ 973 $ 869 Accounts payable 509 435 Employee compensation and benefits 409 424 Reserves for insurance losses and loss adjustment expenses (a) 140 119 Operating lease liabilities 113 137 Deferred revenue 103 169 Other liabilities 479 495 Total accrued expenses and other liabilities (b) $ 2,726 $ 2,648 (a) Refer to Note 6 for further information. (b) Excludes Ally Lending accrued expenses and other liabilities, which were transferred to liabilities of operations held-for-sale as of December 31, 2023. Refer to Note 2 for additional information. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The following table presents changes in the number of shares issued and outstanding. (shares in thousands) (a) 2023 2022 2021 Common stock Total issued at January 1, 507,683 504,522 501,237 New issuances Employee benefits and compensation plans 4,179 3,161 3,284 Total issued at December 31, 511,861 507,683 504,522 Treasury balance at January 1, (208,358) (166,581) (126,563) Repurchase of common stock (b) (1,044) (41,778) (40,018) Total treasury stock at December 31, (209,402) (208,358) (166,581) Total outstanding at December 31, 302,459 299,324 337,941 (a) Figures in the table may not recalculate exactly due to rounding. Number of shares issued, in treasury, and outstanding are calculated based on unrounded numbers. (b) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. Refer to the section titled Capital Planning and Stress Tests |
Schedule of Preferred Stock | The following table summarizes information about our preferred stock. December 31, 2023 Series B preferred stock (a) Issuance date April 22, 2021 Carrying value ($ in millions) $ 1,335 Par value (per share) $ 0.01 Liquidation preference (per share) $ 1,000 Number of shares authorized 1,350,000 Number of shares issued and outstanding 1,350,000 Dividend/coupon Prior to May 15, 2026 4.700% On and after May 15, 2026 Five Year Treasury + 3.868% Series C preferred stock (a) Issuance date June 2, 2021 Carrying value ($ in millions) $ 989 Par value (per share) $ 0.01 Liquidation preference (per share) $ 1,000 Number of shares authorized 1,000,000 Number of shares issued and outstanding 1,000,000 Dividend/coupon Prior to May 15, 2028 4.700% On and after May 15, 2028 Seven Year Treasury + 3.481% (a) We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table presents changes, net of tax, in each component of accumulated other comprehensive loss. Investment securities (a) ($ in millions) Available- Held-to-maturity securities Translation adjustments and net investment hedges (c) Cash flow hedges (c) Defined benefit pension plans Accumulated other comprehensive income (loss) Balance at January 1, 2021 $ 640 $ — $ 19 $ 82 $ (110) $ 631 Net change (735) — — (47) (7) (789) Balance at December 31, 2021 (95) — 19 35 (117) (158) Net change (4,000) — (1) (17) 117 (3,901) Balance at December 31, 2022 (4,095) — 18 18 — (4,059) Net change 949 (682) 3 (27) — 243 Balance at December 31, 2023 $ (3,146) $ (682) $ 21 $ (9) $ — $ (3,816) (a) Refer to Note 8 for additional information on securities transferred from available-for-sale to held-to-maturity. (b) Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 8 for additional information. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. |
Schedule of Reclassification Out of Accumulated Other Comprehensive Income | The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss. Year ended December 31, 2023 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized gains arising during the period $ 338 $ (78) $ 260 Net unrealized loss on securities transferred to held-to-maturity (a) 911 (218) 693 Less: Net realized gains reclassified to income from continuing operations 5 (b) (1) (c) 4 Net change 1,244 (295) 949 Held-to-maturity securities Net unrealized loss on securities transferred from available-for-sale (a) (911) 218 (693) Less: Amortization of amounts previously recorded upon transfer from available-for-sale (14) (d) 3 (11) Net change (897) 215 (682) Translation adjustments Net unrealized gains arising during the period 6 (1) 5 Net investment hedges (e) Net unrealized losses arising during the period (3) 1 (2) Cash flow hedges (e) Net unrealized losses arising during the period (22) 6 (16) Less: Net realized gains reclassified to income from continuing operations 14 (f) (3) (c) 11 Net change (36) 9 (27) Other comprehensive income $ 314 $ (71) $ 243 (a) Includes unrealized losses on securities transferred from available-for-sale to held-to-maturity. Refer to Note 8 for additional information. (b) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (c) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (d) Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Consolidated Statement of Income. (e) For additional information on derivative instruments and hedging activities, refer to Note 21. (f) Includes gains reclassified to interest and fees on finance receivables and loans in our Consolidated Statement of Income. Year ended December 31, 2022 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized losses arising during the period $ (5,222) $ 1,240 $ (3,982) Less: Net realized gains reclassified to income from continuing operations 23 (a) (5) (b) 18 Net change (5,245) 1,245 (4,000) Translation adjustments Net unrealized losses arising during the period (10) 2 (8) Net investment hedges (c) Net unrealized gains arising during the period 8 (1) 7 Cash flow hedges (c) Net unrealized losses arising during the period (2) — (2) Less: Net realized gains reclassified to income from continuing operations 21 (d) (6) (b) 15 Net change (23) 6 (17) Defined benefit pension plans Net unrealized gains arising during the period 2 — 2 Less: Net realized losses reclassified to income from continuing operations (71) (e) (44) (b) (115) Net change 73 44 117 Other comprehensive loss $ (5,197) $ 1,296 $ (3,901) (a) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Consolidated Statement of Income. (e) Includes losses reclassified to compensation and benefits expense in our Consolidated Statement of Income as a result of the settlement of our qualified defined benefit pension plan. Year ended December 31, 2021 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized losses arising during the period $ (859) $ 203 $ (656) Less: Net realized gains reclassified to income from continuing operations 102 (a) (23) (b) 79 Net change (961) 226 (735) Cash flow hedges (c) Less: Net realized gains reclassified to income from continuing operations 61 (d) (14) (b) 47 Defined benefit pension plans Net unrealized losses arising during the period (11) 3 (8) Less: Net realized losses reclassified to income from continuing operations (1) — (1) Net change (10) 3 (7) Other comprehensive loss $ (1,032) $ 243 $ (789) (a) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Consolidated Statement of Income. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted earnings per common share. Year ended December 31, ($ in millions, except per share data; shares in thousands) (a) 2023 2022 2021 Net income from continuing operations $ 1,022 $ 1,715 $ 3,065 Preferred stock dividends — Series B (63) (63) (36) Preferred stock dividends — Series C (47) (47) (21) Net income from continuing operations attributable to common stockholders $ 912 $ 1,605 $ 3,008 Loss from discontinued operations, net of tax (2) (1) (5) Net income attributable to common stockholders $ 910 $ 1,604 $ 3,003 Basic weighted-average common shares outstanding (b) 303,751 316,690 362,583 Diluted weighted-average common shares outstanding (b) 305,135 318,629 365,180 Basic earnings per common share Net income from continuing operations $ 3.00 $ 5.07 $ 8.30 Loss from discontinued operations, net of tax (0.01) — (0.01) Net income $ 3.00 $ 5.06 $ 8.28 Diluted earnings per common share Net income from continuing operations $ 2.99 $ 5.04 $ 8.24 Loss from discontinued operations, net of tax (0.01) — (0.01) Net income $ 2.98 $ 5.03 $ 8.22 (a) Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. (b) Includes shares related to share-based compensation that vested but were not yet issued. |
Regulatory Capital and Other _2
Regulatory Capital and Other Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table summarizes our capital ratios under U.S. Basel III. December 31, 2023 December 31, 2022 Required minimum (a) Well-capitalized minimum ($ in millions) Amount Ratio Amount Ratio Capital ratios Common Equity Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 15,129 9.36 % $ 14,592 9.27 % 4.50 % (b) Ally Bank 17,217 11.24 17,011 11.38 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 17,392 10.76 % $ 16,867 10.72 % 6.00 % 6.00 % Ally Bank 17,217 11.24 17,011 11.38 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 20,055 12.41 % $ 19,209 12.21 % 8.00 % 10.00 % Ally Bank 19,144 12.50 18,888 12.64 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 17,392 8.67 % $ 16,867 8.65 % 4.00 % (b) Ally Bank 17,217 9.07 17,011 9.23 4.00 5.00 % (a) In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally and Ally Bank were required to maintain a minimum capital conservation buffer of 2.5% at both December 31, 2023, and December 31, 2022. (b) Currently, there is no ratio component for determining whether a BHC is “well-capitalized.” (c) Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology. |
Schedule of Common Share Distribution Activity | The following table presents information related to our common stock and distributions to our common stockholders. Common stock repurchased during period (a) Number of common shares outstanding Cash dividends declared per common share (b) ($ in millions, except per share data; shares in thousands) Approximate dollar value Number of shares Beginning of period End of period 2022 First quarter $ 584 12,548 337,941 327,306 $ 0.30 Second quarter 600 15,031 327,306 312,781 0.30 Third quarter 415 12,468 312,781 300,335 0.30 Fourth quarter 51 1,731 300,335 299,324 0.30 2023 First quarter $ 27 836 299,324 300,821 $ 0.30 Second quarter 2 58 300,821 301,619 0.30 Third quarter — 5 301,619 301,630 0.30 Fourth quarter 4 145 301,630 302,459 0.30 (a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b) On January 11, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend was paid on February 15, 2024, to stockholders of record at the close of business on February 1, 2024. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position | The following table summarizes the amounts of derivative instruments reported on our Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Consolidated Balance Sheet. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. 2023 2022 Derivative contracts in a Notional amount Derivative contracts in a Notional amount December 31, ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 35,835 $ — $ — $ 30,619 Purchased options 31 — 6,250 22 — 2,800 Foreign exchange contracts Forwards — 6 166 — 1 151 Total derivatives designated as accounting hedges 31 6 42,251 22 1 33,570 Derivatives not designated as accounting hedges Interest rate contracts Swaps — — 2,000 — — — Forwards — — 70 — — 37 Written options 2 — 88 — — 79 Total interest rate risk 2 — 2,158 — — 116 Foreign exchange contracts Forwards — 1 59 — 1 147 Total foreign exchange risk — 1 59 — 1 147 Credit contracts (a) Other credit derivatives — 10 n/a — 39 n/a Total credit risk — 10 n/a — 39 n/a Equity contracts Written options — — — — 1 — Purchased options — — — 1 — — Total equity risk — — — 1 1 — Total derivatives not designated as accounting hedges 2 11 2,217 1 41 263 Total derivatives $ 33 $ 17 $ 44,468 $ 23 $ 42 $ 33,833 n/a = not applicable (a) The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $29 million and $82 million as of December 31, 2023, and December 31, 2022, respectively. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents amounts recorded on our Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items Total Discontinued (a) December 31, ($ in millions) 2023 2022 2023 2022 2023 2022 Assets Available-for-sale securities (b) $ 16,302 $ 11,265 $ (79) $ (180) $ (156) $ (181) Finance receivables and loans, net (c) 54,189 46,390 (93) (617) (27) (57) Liabilities Long-term debt $ 7,750 $ 7,697 $ 100 $ 112 $ 100 $ 120 (a) Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment. (b) These amounts include the amortized cost basis and unallocated basis adjustments of closed portfolios of available-for-sale securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At December 31, 2023, and December 31, 2022, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $14.8 billion and $10.0 billion, respectively, of which $14.6 billion and $9.7 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At December 31, 2023, and December 31, 2022, the total cumulative basis adjustments associated with these hedging relationships was a $45 million liability and a $135 million liability, respectively, of which the portion related to discontinued hedging relationships was a $120 million liability and a $138 million liability, respectively. At December 31, 2023, and December 31, 2022, the notional amounts of the designated hedged items were $11.3 billion and $4.0 billion, respectively, with cumulative basis adjustments of a $75 million asset and a $3 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 8 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c) These amounts include the carrying value of closed portfolios of loan receivables used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At December 31, 2023, and December 31, 2022, the carrying value of the closed portfolios used in these hedging relationships was $54.2 billion and $46.4 billion, respectively, of which $50.0 billion and $46.1 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At December 31, 2023, and December 31, 2022, the total cumulative basis adjustments associated with these hedging relationships was a $93 million liability and a $617 million liability, respectively, of which the portion related to discontinued hedging relationships was a $27 million liability and a $57 million liability, respectively. At December 31, 2023, and December 31, 2022, the notional amounts of the designated hedged items were $23.2 billion and $22.8 billion, respectively, with cumulative basis adjustments of a $66 million liability and a $560 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. |
Schedule of Derivative Instruments Not Designated as Accounting Hedge | The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Consolidated Statement of Income. Year ended December 31, ($ in millions) 2023 2022 2021 Gain (loss) recognized in earnings Interest rate contracts Gain (loss) on mortgage and automotive loans, net $ 18 $ 14 $ (12) Other income, net of losses (1) 8 8 Total interest rate contracts 17 22 (4) Foreign exchange contracts Other operating expenses — 8 (1) Total foreign exchange contracts — 8 (1) Credit contracts Other income, net of losses (5) (2) (24) Total credit contracts (5) (2) (24) Equity contracts Other income, net of losses (11) — — Total equity contracts (11) — — Total gain (loss) recognized in earnings $ 1 $ 28 $ (29) |
Schedule of Location and Amounts of Gains and Losses on Derivative Instruments | The following table summarizes the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Consolidated Statement of Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on deposits Interest on long-term debt Year ended December 31 , ($ in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ 1 $ 68 Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — — — — — (1) (1) (68) Hedged fixed-rate FHLB advances — — — — — — — — — — (5) — Derivatives designated as hedging instruments on fixed-rate FHLB advances — — — — — — — — — — 5 — Hedged available-for-sale securities — — — 76 (185) (40) — — — — — — Derivatives designated as hedging instruments on available-for-sale securities — — — (76) 185 40 — — — — — — Hedged fixed-rate consumer automotive loans 491 (599) (215) — — — — — — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans (491) 599 215 — — — — — — — — — Total gain on fair value hedging relationships — — — — — — — — — — — — Gain (loss) on cash flow hedging relationships Interest rate contracts Hedged variable rate borrowings Reclassified from accumulated other comprehensive loss into income — — — — — — — — (1) — — — Hedged variable-rate commercial loans Reclassified from accumulated other comprehensive loss into income 14 21 58 — — — — — — — — — Reclassified from accumulated other comprehensive loss into income as a result of a forecasted transaction being probable not to occur — — 4 — — — — — — — — — Other hedged forecasted transactions Reclassified from accumulated other comprehensive loss into income — — — — — — — — — — (1) — Total gain (loss) on cash flow hedging relationships $ 14 $ 21 $ 62 $ — $ — $ — $ — $ — $ (1) $ — $ (1) $ — Total amounts presented in the Consolidated Statement of Income $ 11,020 $ 8,099 $ 6,468 $ 1,022 $ 841 $ 600 $ 5,819 $ 1,987 $ 1,045 $ 1,001 $ 763 $ 860 |
Schedule of Derivative Instruments | The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Consolidated Statement of Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Year ended December 31, ($ in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ — $ — $ 9 $ 5 $ 4 Interest for qualifying accounting hedges of unsecured debt — — — — — — — 1 5 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — — 2 (3) (13) Amortization of deferred basis adjustments of available-for-sale securities — — — 23 17 (4) — — — Interest for qualifying accounting hedges of available-for-sale securities — — — 134 (1) (6) — — — Amortization of deferred loan basis adjustments 32 18 (46) — — — — — — Interest for qualifying accounting hedges of consumer automotive loans held for investment 616 129 (122) — — — — — — Total gain (loss) on fair value hedging relationships $ 648 $ 147 $ (168) $ 157 $ 16 $ (10) $ 11 $ 3 $ (4) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss. Year ended December 31, ($ in millions) 2023 2022 2021 Interest rate contracts Loss recognized in other comprehensive income (loss) $ (36) $ (23) $ (61) |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss. Year ended December 31, ($ in millions) 2023 2022 2021 Foreign exchange contracts (a) (b) (Loss) gain recognized in other comprehensive income (loss) $ (3) $ 8 $ — (a) There were no amounts excluded from effectiveness testing for the years ended December 31, 2023, 2022, or 2021. (b) Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Consolidated Statement of Income. There were no amounts reclassified for the years ended December 31, 2023, 2022, or 2021. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The significant components of income tax expense from continuing operations were as follows. Year ended December 31, ($ in millions) 2023 2022 2021 Current income tax expense U.S. federal $ 85 $ 1 $ 502 Foreign 5 3 4 State and local 36 9 168 Total current expense 126 13 674 Deferred income tax (benefit) expense U.S. federal (57) 493 151 Foreign (1) (1) — State and local (7) 61 (35) Total deferred (benefit) expense (65) 553 116 Other tax expense (a) — 61 — Total income tax expense from continuing operations $ 61 $ 627 $ 790 (a) Represents the realization of stranded tax amounts, under the portfolio method, connected to our qualified defined benefit pension plan that was settled during the year ended December 31, 2022. These stranded tax amounts had accumulated in other comprehensive loss over time. Refer to Note 18 for additional information. |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense from continuing operations with the amounts at the statutory U.S. federal income tax rate is shown in the following table. Year ended December 31, ($ in millions) 2023 2022 2021 Statutory U.S. federal tax expense $ 227 $ 492 $ 810 Change in tax resulting from Tax credits, excluding expirations (133) (73) (58) Valuation allowance change, excluding expirations (91) 54 (78) Nondeductible expenses 44 31 30 Unrecognized tax benefits 38 (4) — Tax law enactment (18) — (1) State and local income taxes, net of federal income tax benefit (4) 77 106 Settlement of qualified defined benefit pension plan — 61 — Other, net (2) (11) (19) Total income tax expense from continuing operations $ 61 $ 627 $ 790 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities are reflected in the following table. December 31, ($ in millions) 2023 2022 Deferred tax assets Adjustments to securities and hedging transactions (a) $ 1,066 $ 1,095 Adjustments to loan value 569 822 Tax credit carryforwards 500 960 State and local taxes 305 310 Fixed assets 165 101 U.S. federal tax loss carryforwards (b) 8 428 Other 418 369 Gross deferred tax assets 3,031 4,085 Valuation allowance (c) (176) (644) Deferred tax assets, net of valuation allowance 2,855 3,441 Deferred tax liabilities Lease transactions 1,134 1,831 Deferred acquisition costs 387 394 Other 121 145 Gross deferred tax liabilities 1,642 2,370 Net deferred tax assets (d) $ 1,213 $ 1,071 (a) Securities include deferred tax assets related to available-for-sale securities, held-to-maturity securities, and equity securities. At December 31, 2023, and 2022, there were $808 million and $1.0 billion of deferred tax assets related to available-for-sale securities, respectively. (b) Primarily the result of switching from 100% bonus depreciation to MACRS depreciation for 2022 operating lease originations at the filing of the 2022 tax return. (c) The valuation allowance decreased $468 million to $176 million at December 31, 2023, as a result of a $359 million reduction related to the expiration of foreign tax credit carryforwards, as well as a $109 million release of valuation allowance predominantly related to the identification and execution of a tax planning strategy. (d) Amounts include $1.2 billion and $1.1 billion of net deferred tax assets included in other assets on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax asset position, and $10 million and $16 million included in accrued expenses and other liabilities on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax liability position at December 31, 2023, and 2022, respectively. |
Schedule of Valuation Allowance | The following table summarizes net deferred tax assets including related valuation allowances at December 31, 2023. ($ in millions) Deferred tax asset Valuation allowance Net deferred tax asset Years of expiration Tax credit carryforwards General business credits $ 236 $ — $ 236 2042–2043 Foreign tax credits 136 (41) 95 2024–2033 CAMT credits 128 — 128 Indefinite Total tax credit carryforwards 500 (41) 459 Tax loss carryforwards Net operating losses — state 171 (a) (135) 36 2024–Indefinite Net operating losses — federal 8 — 8 2028–Indefinite Total U.S. federal and state tax loss carryforwards 179 (135) 44 Other net deferred tax assets 710 — 710 n/a Net deferred tax assets (liabilities) $ 1,389 $ (176) $ 1,213 n/a = not applicable (a) State net operating loss carryforwards are included in the state and local taxes and other liabilities totals disclosed in our deferred inventory table above. |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. ($ in millions) 2023 2022 2021 Balance at January 1, $ 46 $ 53 $ 53 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 48 2 7 Reductions for tax positions of prior years (2) (2) (7) Settlements (1) (7) — Expiration of statute of limitations — — — Balance at December 31, $ 91 $ 46 $ 53 |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Non-Vested PSUs and RSUs Activity | The following table presents the changes in outstanding non-vested PSUs and RSUs activity for share-settled awards during 2023. (in thousands, except per share data) Number of units Weighted-average grant date fair value per share RSUs and PSUs Outstanding non-vested at January 1, 2023 5,088 $ 40.83 Granted 5,314 29.91 Vested (3,291) 34.60 Forfeited (416) 34.56 Outstanding non-vested at December 31, 2023 6,695 35.68 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis | The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities. Recurring fair value measurements December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) (b) $ 765 $ — $ 1 $ 766 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,075 — — 2,075 U.S. States and political subdivisions — 649 9 658 Foreign government 51 132 — 183 Agency mortgage-backed residential — 15,384 — 15,384 Mortgage-backed residential — 225 — 225 Agency mortgage-backed commercial — 3,758 — 3,758 Asset-backed — 332 — 332 Corporate debt — 1,800 — 1,800 Total available-for-sale securities 2,126 22,280 9 24,415 Mortgage loans held-for-sale (c) — 25 — 25 Other assets Derivative contracts in a receivable position Interest rate — 31 2 33 Total derivative contracts in a receivable position — 31 2 33 Total assets $ 2,891 $ 22,336 $ 12 $ 25,239 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 7 $ — $ 7 Credit contracts — — 10 10 Total derivative contracts in a payable position — 7 10 17 Total liabilities $ — $ 7 $ 10 $ 17 (a) Our direct investment in any one industry did not exceed 11%. The concentration calculation excludes our investment in mutual funds and ETFs. (b) Excludes $44 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy. (c) Carried at fair value due to fair value option elections. Recurring fair value measurements December 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) (b) $ 642 $ — $ 1 $ 643 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,016 — — 2,016 U.S. States and political subdivisions — 756 4 760 Foreign government 39 107 — 146 Agency mortgage-backed residential — 16,633 — 16,633 Mortgage-backed residential — 4,299 — 4,299 Agency mortgage-backed commercial — 3,535 — 3,535 Asset-backed — 433 — 433 Corporate debt — 1,719 — 1,719 Total available-for-sale securities 2,055 27,482 4 29,541 Mortgage loans held-for-sale (c) — 13 — 13 Finance receivables and loans, net Consumer other (c) — — 3 3 Other assets Derivative contracts in a receivable position Interest rate — 22 — 22 Equity contracts 1 — — 1 Total derivative contracts in a receivable position 1 22 — 23 Total assets $ 2,698 $ 27,517 $ 8 $ 30,223 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 2 $ — $ 2 Credit contracts — — 39 39 Equity contracts 1 — — 1 Total derivative contracts in a payable position 1 2 39 42 Total liabilities $ 1 $ 2 $ 39 $ 42 (a) Our direct investment in any one industry did not exceed 15%. The concentration calculation excludes our investment in mutual funds and ETFs. (b) Excludes $38 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy. (c) Carried at fair value due to fair value option elections. |
Schedule of Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation | The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities. Equity securities (a) Available-for-sale securities Finance receivables and loans, net (b) (c) ($ in millions) 2023 2022 2023 2022 2023 2022 Assets Fair value at January 1, $ 1 $ 9 $ 4 $ 9 $ 3 $ 7 Net realized/unrealized gains (losses) Included in earnings — 1 — — — (1) Included in OCI — — — — — — Purchases — — 5 6 — 12 Sales — (9) — — — — Issuances — — — — — — Settlements — — — (11) (3) (15) Transfers into Level 3 — — — — — — Transfers out of Level 3 — — — — — — Fair value at December 31, $ 1 $ 1 $ 9 $ 4 $ — $ 3 Net unrealized losses still held at December 31, Included in earnings $ — $ — $ — $ — $ — $ — Included in OCI — — — — — — (a) Net realized/unrealized gains are reported as other gain (loss) on investments, net, in the Consolidated Statement of Income. (b) Carried at fair value due to fair value option elections. (c) Net realized/unrealized losses are reported as other income, net of losses, in the Consolidated Statement of Income. Derivative liabilities, net of derivative assets (a) ($ in millions) 2023 2022 Liabilities Fair value at January 1, $ 39 $ 53 Net realized/unrealized gains Included in earnings (11) (5) Included in OCI — — Purchases — — Sales — — Issuances — — Settlements (34) (19) Transfers into Level 3 — — Transfers out of Level 3 (b) 14 10 Fair value at December 31, $ 8 $ 39 Net unrealized gains still held at December 31, Included in earnings $ (7) $ (11) Included in OCI — — (a) Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Consolidated Statement of Income. (b) Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during the years ended December 31, 2023, and December 31, 2022. These transfers are deemed to have occurred at the end of the reporting period. |
Schedule of Fair Value Measurements - Nonrecurring Basis | The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and still held at December 31, 2023. Refer to Note 24 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ 1,940 $ — $ 1,940 $ — n/m (a) Other assets (b) — 35 — 35 (149) n/m (a) Total assets $ — $ 1,975 $ — $ 1,975 $ (149) n/m Liabilities Accrued expenses and other liabilities $ — $ 17 $ — $ 17 $ — n/m (a) Total liabilities $ — $ 17 $ — $ 17 $ — n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. (b) Includes a $149 million impairment of goodwill at Ally Lending. At the time of impairment, the fair value of goodwill at Ally Lending was classified as Level 2 under the fair value hierarchy. The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at December 31, 2023, and December 31, 2022, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. This table excludes assets of operations held-for-sale and refer to Note 2 for additional information. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 375 $ 375 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 6 6 — n/m (a) Other — — 49 49 (43) n/m (a) Total commercial finance receivables and loans, net — — 55 55 (43) n/m (a) Other assets Nonmarketable equity investments — — 1 1 1 n/m (a) Repossessed and foreclosed assets (c) — — 10 10 (1) n/m (a) Total assets $ — $ — $ 441 $ 441 $ (43) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 641 $ 641 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 3 3 — n/m (a) Other — — 39 39 (89) n/m (a) Total commercial finance receivables and loans, net — — 42 42 (89) n/m (a) Other assets Nonmarketable equity investments — — 12 12 3 n/m (a) Repossessed and foreclosed assets (c) — — 5 5 — n/m (a) Total assets $ — $ — $ 700 $ 700 $ (86) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. |
Schedule of Fair Value, by Balance Sheet Grouping | The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. This table excludes assets of operations held-for-sale and refer to Note 2 for additional information. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at December 31, 2023, and December 31, 2022. Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total December 31, 2023 Financial assets Held-to-maturity securities $ 4,680 $ — $ 4,729 $ — $ 4,729 Loans held-for-sale, net 375 — — 375 375 Finance receivables and loans, net 135,852 — — 137,244 137,244 FHLB/FRB stock (a) 784 — 784 — 784 Financial liabilities Deposit liabilities $ 55,187 $ — $ — $ 55,311 $ 55,311 Short-term borrowings 3,297 — — 3,335 3,335 Long-term debt 17,570 — 12,789 5,749 18,538 December 31, 2022 Financial assets Held-to-maturity securities $ 1,062 $ — $ 884 $ — $ 884 Loans held-for-sale, net 641 — — 641 641 Finance receivables and loans, net 132,034 — — 133,856 133,856 FHLB/FRB stock (a) 719 — 719 — 719 Financial liabilities Deposit liabilities $ 42,336 $ — $ — $ 41,909 $ 41,909 Short-term borrowings 2,399 — — 2,417 2,417 Long-term debt 17,762 — 12,989 5,263 18,252 (a) Included in other assets on our Consolidated Balance Sheet. |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
Schedule of Offsetting Assets | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Consolidated Balance Sheet Gross amounts not offset on the Consolidated Balance Sheet December 31, ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount 2023 Assets Derivative assets (d) $ 33 $ — $ 33 $ — $ (31) $ 2 Total assets $ 33 $ — $ 33 $ — $ (31) $ 2 Liabilities Derivative liabilities (e) $ 17 $ — $ 17 $ — $ (6) $ 11 Securities sold under agreements to repurchase (f) 747 — 747 — (747) — Total liabilities $ 764 $ — $ 764 $ — $ (753) $ 11 2022 Assets Derivative assets $ 23 $ — $ 23 $ (1) $ (22) $ — Total assets $ 23 $ — $ 23 $ (1) $ (22) $ — Liabilities Derivative liabilities (e) $ 42 $ — $ 42 $ (1) $ (1) $ 40 Securities sold under agreements to repurchase (f) 499 — 499 — (499) — Total liabilities $ 541 $ — $ 541 $ (1) $ (500) $ 40 (a) Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty. (b) Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record noncash collateral received on our Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. (d) Includes derivative assets with no offsetting arrangements of $2 million as of December 31, 2023. (e) Includes derivative liabilities with no offsetting arrangements of $10 million and $39 million as of December 31, 2023, and December 31, 2022, respectively. (f) For additional information on securities sold under agreements to repurchase, refer to Note 15. |
Schedule of Offsetting Liabilities | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Consolidated Balance Sheet Gross amounts not offset on the Consolidated Balance Sheet December 31, ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount 2023 Assets Derivative assets (d) $ 33 $ — $ 33 $ — $ (31) $ 2 Total assets $ 33 $ — $ 33 $ — $ (31) $ 2 Liabilities Derivative liabilities (e) $ 17 $ — $ 17 $ — $ (6) $ 11 Securities sold under agreements to repurchase (f) 747 — 747 — (747) — Total liabilities $ 764 $ — $ 764 $ — $ (753) $ 11 2022 Assets Derivative assets $ 23 $ — $ 23 $ (1) $ (22) $ — Total assets $ 23 $ — $ 23 $ (1) $ (22) $ — Liabilities Derivative liabilities (e) $ 42 $ — $ 42 $ (1) $ (1) $ 40 Securities sold under agreements to repurchase (f) 499 — 499 — (499) — Total liabilities $ 541 $ — $ 541 $ (1) $ (500) $ 40 (a) Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty. (b) Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record noncash collateral received on our Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. (d) Includes derivative assets with no offsetting arrangements of $2 million as of December 31, 2023. (e) Includes derivative liabilities with no offsetting arrangements of $10 million and $39 million as of December 31, 2023, and December 31, 2022, respectively. (f) For additional information on securities sold under agreements to repurchase, refer to Note 15. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information for our reportable operating segments is summarized as follows. Year ended December 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2023 Net financing revenue and other interest income $ 5,361 $ 117 $ 211 $ 397 $ 115 $ 6,201 Other revenue 321 1,428 16 104 144 2,013 Total net revenue 5,682 1,545 227 501 259 8,214 Provision for credit losses 1,618 — (3) 52 301 1,968 Total noninterest expense (b) 2,450 1,332 138 142 1,101 5,163 Income (loss) from continuing operations before income tax expense $ 1,614 $ 213 $ 92 $ 307 $ (1,143) $ 1,083 Total assets $ 115,387 $ 9,081 $ 18,512 $ 11,212 $ 42,200 $ 196,392 2022 Net financing revenue and other interest income $ 5,224 $ 89 $ 221 $ 334 $ 982 $ 6,850 Other revenue 306 1,023 27 122 100 1,578 Total net revenue 5,530 1,112 248 456 1,082 8,428 Provision for credit losses 1,036 — 3 43 317 1,399 Total noninterest expense 2,244 1,150 190 131 972 4,687 Income (loss) from continuing operations before income tax expense $ 2,250 $ (38) $ 55 $ 282 $ (207) $ 2,342 Total assets $ 111,463 $ 8,659 $ 19,529 $ 10,544 $ 41,631 $ 191,826 2021 Net financing revenue and other interest income $ 5,209 $ 59 $ 124 $ 308 $ 467 $ 6,167 Other revenue 251 1,345 94 128 221 2,039 Total net revenue 5,460 1,404 218 436 688 8,206 Provision for credit losses 53 — (1) 38 151 241 Total noninterest expense 2,023 1,061 187 116 723 4,110 Income (loss) from continuing operations before income tax expense $ 3,384 $ 343 $ 32 $ 282 $ (186) $ 3,855 Total assets $ 103,653 $ 9,381 $ 17,847 $ 7,950 $ 43,283 $ 182,114 (a) Net financing revenue and other interest income after the provision for credit losses totaled $4.2 billion, $5.5 billion, and $5.9 billion for the years ended December 31, 2023, 2022, and 2021, respectively. (b) |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Information (Tables) - Parent company | 12 Months Ended |
Dec. 31, 2023 | |
Entity Listings [Line Items] | |
Schedule of Condensed Statement of Comprehensive Income (Loss) | Condensed Statement of Comprehensive Income (Loss) Year ended December 31, ($ in millions) 2023 2022 2021 Net financing loss and other interest income (a) $ (945) $ (1,000) $ (1,070) Dividends from bank subsidiaries 1,350 3,150 3,450 Dividends from nonbank subsidiaries 250 1 27 Total other revenue 169 103 243 Total net revenue 824 2,254 2,650 Provision for credit losses (14) (32) (106) Total noninterest expense 466 665 650 Income from continuing operations before income tax benefit and undistributed income (loss) of subsidiaries 372 1,621 2,106 Income tax benefit from continuing operations (b) (408) (253) (412) Net income from continuing operations 780 1,874 2,518 Loss from discontinued operations, net of tax (2) (1) (5) Equity in undistributed earnings of subsidiaries 242 (159) 547 Net income 1,020 1,714 3,060 Other comprehensive income (loss), net of tax 243 (3,901) (789) Comprehensive income (loss) $ 1,263 $ (2,187) $ 2,271 (a) Net financing loss and other interest income is primarily driven by interest expense on long-term debt. (b) There is a significant variation in the customary relationship between pretax income and income tax benefit due to our accounting policy elections and consolidated tax adjustments. The income tax benefit excludes tax effects on dividends from subsidiaries. |
Schedule of Condensed Balance Sheet | Condensed Balance Sheet December 31, ($ in millions) 2023 2022 Assets Cash and cash equivalents (a) $ 3,911 $ 3,333 Equity securities 16 — Finance receivables and loans, net of unearned income 1,478 560 Allowance for loan losses 22 23 Total finance receivables and loans, net 1,500 583 Investments in subsidiaries Bank subsidiaries 13,692 13,197 Nonbank subsidiaries 4,503 5,191 Intercompany receivables from subsidiaries 263 223 Investment in operating leases, net 16 21 Other assets 1,536 1,307 Total assets $ 25,437 $ 23,855 Liabilities and equity Long-term debt (b) $ 10,427 $ 10,035 Interest payable 98 84 Intercompany debt to subsidiaries 772 545 Intercompany payables to subsidiaries 41 41 Accrued expenses and other liabilities 333 291 Total liabilities 11,671 10,996 Total equity 13,766 12,859 Total liabilities and equity $ 25,437 $ 23,855 (a) Includes $3.9 billion and $3.3 billion deposited by the Parent at Ally Bank as of December 31, 2023, and 2022, respectively. These funds are available to the Parent for liquidity purposes. (b) Includes $2.0 billion of the outstanding principal balance of senior notes fully and unconditionally guaranteed by subsidiaries of the Parent as of both December 31, 2023, and 2022. |
Schedule of Condensed Statement of Cash Flows | Condensed Statement of Cash Flows Year ended December 31, ($ in millions) 2023 2022 2021 Operating activities Net cash provided by operating activities $ 879 $ 1,733 $ 3,753 Investing activities Proceeds from sales of finance receivables and loans initially held-for-investment 1 64 378 Originations and repayments of finance receivables and loans held-for-investment and other, net (37) (7) 189 Net change in loans — intercompany (290) (65) (10) Purchases of equity securities — — (8) Proceeds from sales of equity securities 5 1 — Capital contributions to subsidiaries (8) — — Returns of contributed capital 1 52 24 Net change in nonmarketable equity investments (2) 8 29 Other, net (10) (27) 44 Net cash (used in) provided by investing activities (340) 26 646 Financing activities Net change in short-term borrowings — — (2,136) Proceeds from issuance of long-term debt 2,410 1,655 765 Repayments of long-term debt (2,087) (1,088) (777) Net change in debt — intercompany 227 (496) (336) Repurchase of common stock (33) (1,650) (1,994) Preferred stock issuance — — 2,324 Trust preferred securities redemption — — (2,710) Common stock dividends paid (368) (384) (324) Preferred stock dividends paid (110) (110) (57) Net cash provided by (used in) financing activities 39 (2,073) (5,245) Net increase (decrease) in cash and cash equivalents and restricted cash 578 (314) (846) Cash and cash equivalents and restricted cash at beginning of year 3,366 3,680 4,526 Cash and cash equivalents and restricted cash at end of year $ 3,944 $ 3,366 $ 3,680 The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Balance Sheet to the Condensed Statement of Cash Flows. Year ended December 31, ($ in millions) 2023 2022 Cash and cash equivalents on the Condensed Balance Sheet $ 3,911 $ 3,333 Restricted cash included in other assets on the Condensed Balance Sheet (a) 33 33 Total cash and cash equivalents and restricted cash in the Condensed Statement of Cash Flows $ 3,944 $ 3,366 (a) Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 13 for additional details describing the nature of restricted cash balances. |
Guarantees and Commitments (Tab
Guarantees and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Guarantor Obligations | Guarantees are defined as contracts or indemnification agreements that contingently require us to make payments to third parties based on changes in the underlying agreements with the guaranteed parties. The following summarizes our outstanding guarantees, including those of our discontinued operations, made to third parties on our Consolidated Balance Sheet, for the periods shown. 2023 2022 December 31, ($ in millions) Maximum liability Carrying value of liability Maximum liability Carrying value of liability Standby letters of credit and other guarantees $ 259 $ — $ 272 $ 1 |
Schedule of Financing Commitments | The contractual commitments were as follows. December 31, ($ in millions) 2023 2022 Unused revolving credit line commitments and other (a) (b) $ 10,658 $ 9,156 Commitments to provide capital to investees (c) 1,191 1,112 Construction-lending commitments (d) 168 178 Home equity lines of credit (e) 134 145 Mortgage loan origination commitments (f) 29 14 (a) The unused portion of revolving lines of credit reset at prevailing market rates and, approximate fair value. (b) Includes $68 million of financing commitments related to our Ally Lending business, which was transferred to operations held-for-sale as of December 31, 2023. Refer to Note 2 for additional information. (c) We are committed to contribute capital to certain investees. (d) We are committed to fund the remaining unused balance while loans are in the construction period. (e) We are committed to fund the remaining unused balances on home equity lines of credit. (f) Commitments with mortgage loan applicants in which the loan terms, including interest rate and price, are guaranteed for a designated period of time subject to the completion of underwriting procedures. |
Schedule of Contractual Commitments | We have entered into multiple agreements for sponsorship, information technology, voice and communication technology, and related maintenance. Many of the agreements are subject to variable price provisions, fixed or minimum price provisions, and termination or renewal provisions. The following table presents our total future payment obligations expiring after December 31, 2023. Year ended December 31, ($ in millions) 2024 $ 263 2025 235 2026 174 2027 85 2028 42 Total future payment obligations $ 799 |
Description of Business, Basi_3
Description of Business, Basis of Presentation, and Significant Accounting Policies (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Number of loan portfolio segments | segment | 4 | |||
Operating lease impairment loss | $ 0 | $ 0 | $ 0 | |
Opening retained earnings | 13,766,000,000 | 12,859,000,000 | 17,050,000,000 | $ 14,703,000,000 |
Retained earnings (accumulated deficit) | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Opening retained earnings | $ 154,000,000 | $ (384,000,000) | $ (1,599,000,000) | $ (4,278,000,000) |
Minimum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Useful life | 3 years | |||
Minimum | Capitalized software | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Useful life | 3 years | |||
Maximum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Useful life | 30 years | |||
Maximum | Capitalized software | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Useful life | 5 years |
Held-for-sale Operations - Narr
Held-for-sale Operations - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Provision for credit losses | $ 1,979 | $ 1,396 | |
Goodwill impairment | 149 | $ 0 | $ 0 |
Corporate and Other | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill impairment | 149 | ||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Ally Lending | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Provision for credit losses | 16 | ||
Net pretax loss | 133 | ||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Ally Lending | Corporate and Other | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill impairment | $ 149 |
Held-for-sale Operations - Asse
Held-for-sale Operations - Assets and Liabilities of Operations Held-for-Sale (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Total assets | $ 1,975 | $ 0 |
Liabilities | ||
Total liabilities | 17 | $ 0 |
Disposal Group, Held-for-Sale, Not Discontinued Operations | Ally Lending | ||
Assets | ||
Loans held-for-sale, net | 1,940 | |
Other assets | 35 | |
Total assets | 1,975 | |
Liabilities | ||
Accrued expenses and other liabilities | 17 | |
Total liabilities | 17 | |
Accrued interest and fees | 25 | |
Goodwill | 4 | |
Property, plant and equipment | 4 | |
Unfunded lending commitments | $ 5 |
Held-for-sale Operations - Nonr
Held-for-sale Operations - Nonrecurring Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Total assets | $ 1,975 | $ 0 | |
Liabilities | |||
Total liabilities | 17 | 0 | |
Goodwill impairment | 149 | 0 | $ 0 |
Corporate and Other | |||
Liabilities | |||
Goodwill impairment | 149 | ||
Nonrecurring fair value measurements | |||
Liabilities | |||
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | 0 | $ 0 | |
Disposal Group, Held-for-Sale, Not Discontinued Operations | Ally Lending | |||
Assets | |||
Loans held-for-sale, net | 1,940 | ||
Other assets | 35 | ||
Total assets | 1,975 | ||
Liabilities | |||
Accrued expenses and other liabilities | 17 | ||
Total liabilities | 17 | ||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Ally Lending | Corporate and Other | |||
Liabilities | |||
Goodwill impairment | 149 | ||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Nonrecurring fair value measurements | Ally Lending | |||
Assets | |||
Loans held-for-sale, net | 1,940 | ||
Other assets | 35 | ||
Total assets | 1,975 | ||
Liabilities | |||
Accrued expenses and other liabilities | 17 | ||
Total liabilities | 17 | ||
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | (149) | ||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Level 1 | Nonrecurring fair value measurements | Ally Lending | |||
Assets | |||
Loans held-for-sale, net | 0 | ||
Other assets | 0 | ||
Total assets | 0 | ||
Liabilities | |||
Accrued expenses and other liabilities | 0 | ||
Total liabilities | 0 | ||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Level 2 | Nonrecurring fair value measurements | Ally Lending | |||
Assets | |||
Loans held-for-sale, net | 1,940 | ||
Other assets | 35 | ||
Total assets | 1,975 | ||
Liabilities | |||
Accrued expenses and other liabilities | 17 | ||
Total liabilities | 17 | ||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Level 3 | Nonrecurring fair value measurements | Ally Lending | |||
Assets | |||
Loans held-for-sale, net | 0 | ||
Other assets | 0 | ||
Total assets | 0 | ||
Liabilities | |||
Accrued expenses and other liabilities | 0 | ||
Total liabilities | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 968 | $ 908 | $ 852 | |
All other revenue | 1,045 | 670 | 1,187 | |
Total other revenue | 2,013 | 1,578 | 2,039 | |
Remarketing gains (losses), net | 211 | 170 | 344 | |
Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 133 | 112 | 80 | |
All other revenue | 11 | (12) | 141 | |
Total other revenue | 144 | 100 | 221 | |
Automotive Finance operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Remarketing gains (losses), net | 211 | 170 | 344 | |
Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 135 | 127 | 129 | |
All other revenue | 186 | 179 | 122 | |
Total other revenue | 321 | 306 | 251 | |
Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 700 | 669 | 643 | |
All other revenue | 728 | 354 | 702 | |
Total other revenue | 1,428 | 1,023 | 1,345 | |
Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
All other revenue | 16 | 27 | 94 | |
Total other revenue | 16 | 27 | 94 | |
Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
All other revenue | 104 | 122 | 128 | |
Total other revenue | 104 | 122 | 128 | |
Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 686 | 655 | 627 | |
Noninsurance contracts | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Noninsurance contracts | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Noninsurance contracts | Insurance operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | 3,000 | 3,000 | 3,100 | $ 3,000 |
Unearned revenue, revenue recognized | 973 | 939 | 909 | |
Capitalized contract cost, net | 1,800 | 1,800 | 1,900 | |
Capitalized contract cost, amortization | 580 | 564 | 537 | |
Noninsurance contracts | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 686 | 655 | 627 | |
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 880 | |||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | |||
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 717 | |||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | |||
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 554 | |||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | |||
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 382 | |||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | |||
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 427 | |||
Remaining performance obligation, expected timing of satisfaction, period | ||||
Noninsurance contracts | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | 0 | 0 | |
Noninsurance contracts | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Remarketing fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 117 | 107 | 107 | |
Remarketing fee income | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Remarketing fee income | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 117 | 107 | 107 | |
Remarketing fee income | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Remarketing fee income | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Remarketing fee income | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokerage commissions and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 89 | 64 | 58 | |
Brokerage commissions and other revenue | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 89 | 64 | 58 | |
Brokerage commissions and other revenue | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokerage commissions and other revenue | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokerage commissions and other revenue | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokerage commissions and other revenue | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Banking fees and interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 44 | 44 | 18 | |
Customer rewards expense | 20 | 14 | 1 | |
Banking fees and interchange income | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 44 | 44 | 18 | |
Banking fees and interchange income | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Banking fees and interchange income | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Banking fees and interchange income | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Banking fees and interchange income | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokered/agent commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13 | 14 | 16 | |
Brokered/agent commissions | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokered/agent commissions | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokered/agent commissions | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13 | 14 | 16 | |
Brokered/agent commissions | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokered/agent commissions | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 19 | 24 | 26 | |
Other | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 4 | 4 | |
Other | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 18 | 20 | 22 | |
Other | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 0 | 0 | |
Other | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Other | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 |
Insurance Premiums and Servic_3
Insurance Premiums and Service Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Written | |||
Direct | $ 476 | $ 388 | $ 397 |
Assumed | 93 | 42 | 15 |
Gross insurance premiums | 569 | 430 | 412 |
Earned | |||
Direct | 446 | 379 | 389 |
Assumed | 68 | 29 | 8 |
Gross insurance premiums | 514 | 408 | 397 |
Written | |||
Ceded | (265) | (216) | (200) |
Net insurance premiums | 304 | 214 | 212 |
Earned | |||
Ceded | (238) | (211) | (205) |
Net insurance premiums | 276 | 197 | 192 |
Service revenue | 971 | 889 | 985 |
Service revenue | 995 | 954 | 925 |
Insurance premiums and service revenue written | 1,275 | 1,103 | 1,197 |
Insurance premiums and service revenue earned | $ 1,271 | $ 1,151 | $ 1,117 |
Other Income, Net of Losses (De
Other Income, Net of Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Late charges and other administrative fees | $ 198 | $ 162 | $ 123 |
Remarketing fees | 117 | 107 | 107 |
Income from equity-method investments | 4 | 102 | 132 |
(Loss) gain on nonmarketable equity investments, net | (10) | (132) | 142 |
Other, net | 273 | 256 | 182 |
Total other income, net of losses | $ 582 | $ 495 | $ 686 |
Reserves for Insurance Losses_3
Reserves for Insurance Losses and Loss Adjustment Expenses (Short-duration Insurance Contracts, Claims Development) (Details) $ in Millions | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | $ 3,108 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | 3,045 | |||||||||
All outstanding liabilities for loss and allocated loss adjustment expenses before 2014, net of reinsurance | 8 | |||||||||
Reserves for insurance losses and allocated loss adjustment expenses, net of reinsurance | 71 | $ 44 | $ 39 | |||||||
2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 388 | 388 | 388 | $ 388 | $ 388 | $ 388 | $ 388 | $ 388 | $ 389 | $ 390 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 525,298 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 388 | 388 | 388 | 388 | 388 | 388 | 388 | 388 | 388 | $ 369 |
2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 272 | 272 | 272 | 272 | 272 | 272 | 272 | 271 | 274 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 342,280 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 272 | 272 | 272 | 272 | 272 | 272 | 272 | 272 | $ 252 | |
2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 328 | 328 | 328 | 328 | 328 | 328 | 327 | 326 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 476,057 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 328 | 328 | 328 | 328 | 328 | 328 | 327 | $ 302 | ||
2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 315 | 315 | 315 | 315 | 315 | 314 | 310 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 481,750 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 315 | 315 | 315 | 315 | 315 | 315 | $ 289 | |||
2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 272 | 273 | 273 | 272 | 272 | 271 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 506,452 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 272 | 273 | 273 | 273 | 273 | $ 245 | ||||
2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 305 | 305 | 305 | 306 | 303 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 542,360 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 305 | 305 | 305 | 306 | $ 278 | |||||
2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 339 | 339 | 339 | 343 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 494,469 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 340 | 339 | 339 | $ 313 | ||||||
2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 237 | 237 | 243 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 493,571 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 237 | 236 | $ 213 | |||||||
2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 267 | 258 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 2 | |||||||||
Cumulative number of reported claims | claim | 512,716 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 260 | $ 225 | ||||||||
2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 385 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 40 | |||||||||
Cumulative number of reported claims | claim | 568,345 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 328 |
Reserves for Insurance Losses_4
Reserves for Insurance Losses and Loss Adjustment Expenses (Short-duration Contracts, Schedule of Historical Claims Duration) (Details) | Dec. 31, 2023 |
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | |
Percentage payout of incurred claims, year one | 91.50% |
Percentage payout of incurred claims, year two | 8.40% |
Percentage payout of incurred claims, year three | 0.10% |
Percentage payout of incurred claims, year four | 0% |
Percentage payout of incurred claims, year five | 0% |
Percentage payout of incurred claims, year six | 0% |
Percentage payout of incurred claims, year seven | 0% |
Percentage payout of incurred claims, year eight | 0% |
Percentage payout of incurred claims, year nine | 0% |
Percentage payout of incurred claims, year ten | 0% |
Reserves for Insurance Losses_5
Reserves for Insurance Losses and Loss Adjustment Expenses (Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | ||||
Reserves for insurance losses and loss adjustment expenses, net of reinsurance | $ 71 | $ 44 | $ 39 | |
Total reinsurance recoverable on unpaid claims | 66 | 72 | 81 | $ 90 |
Unallocated loss adjustment expenses | 3 | 3 | 2 | |
Total gross reserves for insurance losses and loss adjustment expenses | $ 140 | $ 119 | $ 122 | $ 129 |
Reserves for Insurance Losses_6
Reserves for Insurance Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Gross reserves for insurance losses and loss adjustment expenses, beginning balance | $ 119 | $ 122 | $ 129 | |
Less: Reinsurance recoverable | 72 | 81 | 90 | |
Net reserves for insurance losses and loss adjustment expenses | 74 | 47 | 41 | $ 39 |
Current year | 414 | 282 | 259 | |
Prior years | 8 | (2) | 2 | |
Total net insurance losses and loss adjustment expenses incurred | 422 | 280 | 261 | |
Current year | (354) | (246) | (229) | |
Prior years | (41) | (28) | (30) | |
Total net insurance losses and loss adjustment expenses paid or payable | (395) | (274) | (259) | |
Plus: Reinsurance recoverable | 66 | 72 | 81 | |
Gross reserves for insurance losses and loss adjustment expenses, ending balance | $ 140 | $ 119 | $ 122 |
Other Operating Expenses (Detai
Other Operating Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Expenses [Abstract] | |||
Insurance commissions | $ 636 | $ 610 | $ 562 |
Technology and communications | 436 | 406 | 345 |
Advertising and marketing | 308 | 366 | 241 |
Lease and loan administration | 210 | 201 | 222 |
Regulatory and licensing fees | 205 | 119 | 75 |
Property and equipment depreciation | 196 | 165 | 153 |
Professional services | 145 | 173 | 146 |
Vehicle remarketing and repossession | 116 | 91 | 74 |
Amortization of intangible assets | 25 | 31 | 20 |
Other | 414 | 345 | 368 |
Total other operating expenses | $ 2,691 | $ 2,507 | $ 2,206 |
Investment Securities (Investme
Investment Securities (Investment Portfolio) (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Available-for-sale securities | ||
Total | $ 28,416,000,000 | $ 34,863,000,000 |
Gross unrealized gains | 9,000,000 | 5,000,000 |
Gross unrealized losses | (4,010,000,000) | (5,327,000,000) |
Fair value | 24,415,000,000 | 29,541,000,000 |
Held-to-maturity securities | ||
Amortized cost | 4,680,000,000 | 1,062,000,000 |
Gross unrealized gains | 222,000,000 | 0 |
Gross unrealized losses | (173,000,000) | (178,000,000) |
Fair value | 4,729,000,000 | 884,000,000 |
Debt securities, available-for-sale, accrued interest receivable | $ 76,000,000 | $ 91,000,000 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest | $ 0 | $ 0 |
Debt securities, held-to-maturity, allowance for credit loss, excluding accrued interest | 0 | 0 |
Debt securities, held-to-maturity, accrued interest receivable | 13,000,000 | 2,000,000 |
Debt securities, transferred from available-for-sale To held-to-maturity, fair value | 3,600,000,000 | |
Debt securities, transferred from available-for-sale to held-to-maturity, accumulated gross unrealized loss, before tax | 911,000,000 | |
Operating Segments | Insurance operations | ||
Held-to-maturity securities | ||
Deposit securities | 12,000,000 | 12,000,000 |
Asset Pledged as Collateral with Right | ||
Available-for-sale securities | ||
Fair value | 4,700,000,000 | 3,900,000,000 |
Held-to-maturity securities | ||
Securities with the right to sell or pledge | 1,400,000,000 | 899,000,000 |
Asset Pledged as Collateral with Right | Federal Home Loan Bank advances | ||
Held-to-maturity securities | ||
Securities with the right to sell or pledge | 3,300,000,000 | 3,000,000,000 |
U.S. Treasury and federal agencies | ||
Available-for-sale securities | ||
Total | 2,284,000,000 | 2,272,000,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (209,000,000) | (256,000,000) |
Fair value | 2,075,000,000 | 2,016,000,000 |
U.S. States and political subdivisions | ||
Available-for-sale securities | ||
Total | 727,000,000 | 841,000,000 |
Gross unrealized gains | 1,000,000 | 1,000,000 |
Gross unrealized losses | (70,000,000) | (82,000,000) |
Fair value | 658,000,000 | 760,000,000 |
Foreign government | ||
Available-for-sale securities | ||
Total | 190,000,000 | 158,000,000 |
Gross unrealized gains | 1,000,000 | 0 |
Gross unrealized losses | (8,000,000) | (12,000,000) |
Fair value | 183,000,000 | 146,000,000 |
Agency mortgage-backed residential | ||
Available-for-sale securities | ||
Total | 18,122,000,000 | 19,668,000,000 |
Gross unrealized gains | 1,000,000 | 3,000,000 |
Gross unrealized losses | (2,739,000,000) | (3,038,000,000) |
Fair value | 15,384,000,000 | 16,633,000,000 |
Held-to-maturity securities | ||
Amortized cost | 999,000,000 | 1,062,000,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (173,000,000) | (178,000,000) |
Fair value | 826,000,000 | 884,000,000 |
Hedged asset, fair value hedge, cumulative increase (decrease) | 46,000,000 | |
Hedged liability, fair value hedge, cumulative increase (decrease) | 12,000,000 | |
Mortgage-backed residential | ||
Available-for-sale securities | ||
Total | 268,000,000 | 5,154,000,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (43,000,000) | (855,000,000) |
Fair value | 225,000,000 | 4,299,000,000 |
Held-to-maturity securities | ||
Amortized cost | 3,603,000,000 | 0 |
Gross unrealized gains | 221,000,000 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 3,824,000,000 | 0 |
Agency mortgage-backed commercial | ||
Available-for-sale securities | ||
Total | 4,539,000,000 | 4,380,000,000 |
Gross unrealized gains | 2,000,000 | 0 |
Gross unrealized losses | (783,000,000) | (845,000,000) |
Fair value | 3,758,000,000 | 3,535,000,000 |
Held-to-maturity securities | ||
Hedged asset, fair value hedge, cumulative increase (decrease) | 29,000,000 | 15,000,000 |
Asset-backed | ||
Available-for-sale securities | ||
Total | 344,000,000 | 459,000,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (12,000,000) | (26,000,000) |
Fair value | 332,000,000 | 433,000,000 |
Held-to-maturity securities | ||
Amortized cost | 78,000,000 | 0 |
Gross unrealized gains | 1,000,000 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 79,000,000 | 0 |
Corporate debt | ||
Available-for-sale securities | ||
Total | 1,942,000,000 | 1,931,000,000 |
Gross unrealized gains | 4,000,000 | 1,000,000 |
Gross unrealized losses | (146,000,000) | (213,000,000) |
Fair value | $ 1,800,000,000 | $ 1,719,000,000 |
Investment Securities (Invest_2
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Amount | ||
Total available-for-sale securities | $ 24,415 | $ 29,541 |
Due in one year or less | 449 | 125 |
Due after one year through five years | 2,672 | 2,229 |
Due after five years through ten years | 3,279 | 3,476 |
Due after ten years | $ 18,015 | $ 23,711 |
Yield | ||
Total | 2.50% | 2.50% |
Due in one year or less | 1.70% | 2.30% |
Due after one year through five years | 2.10% | 1.90% |
Due after five years through ten years | 2.40% | 2.10% |
Due after ten years | 2.50% | 2.60% |
Amortized cost of available-for-sale securities | ||
Total | $ 28,416 | $ 34,863 |
Due in one year or less | 461 | 126 |
Due after one year through five years | 2,844 | 2,403 |
Due after five years through ten years | 3,746 | 4,048 |
Due after ten years | 21,365 | 28,286 |
Amount | ||
Total | 4,680 | 1,062 |
Due in one year or less | 1 | 0 |
Due after one year through five years | 41 | 0 |
Due after five years through ten years | 14 | 0 |
Due after ten years | $ 4,624 | $ 1,062 |
Yield | ||
Total | 2.80% | 2.80% |
Due in one year or less | 5.60% | 0% |
Due after one year through five years | 5.60% | 0% |
Due after five years through ten years | 3.40% | 0% |
Due after ten years | 2.80% | 2.80% |
Cash equivalents | $ 36 | $ 18 |
U.S. Treasury and federal agencies | ||
Amount | ||
Total available-for-sale securities | 2,075 | 2,016 |
Due in one year or less | 215 | 0 |
Due after one year through five years | 1,120 | 716 |
Due after five years through ten years | 740 | 1,300 |
Due after ten years | $ 0 | $ 0 |
Yield | ||
Total | 1.60% | 1.60% |
Due in one year or less | 0.90% | 0% |
Due after one year through five years | 1.50% | 1.30% |
Due after five years through ten years | 1.90% | 1.70% |
Due after ten years | 0% | 0% |
Amortized cost of available-for-sale securities | ||
Total | $ 2,284 | $ 2,272 |
U.S. States and political subdivisions | ||
Amount | ||
Total available-for-sale securities | 658 | 760 |
Due in one year or less | 4 | 26 |
Due after one year through five years | 55 | 60 |
Due after five years through ten years | 110 | 112 |
Due after ten years | $ 489 | $ 562 |
Yield | ||
Total | 3.20% | 3.20% |
Due in one year or less | 3.40% | 2.70% |
Due after one year through five years | 2.70% | 2.70% |
Due after five years through ten years | 3.60% | 3.30% |
Due after ten years | 3.10% | 3.20% |
Amortized cost of available-for-sale securities | ||
Total | $ 727 | $ 841 |
Foreign government | ||
Amount | ||
Total available-for-sale securities | 183 | 146 |
Due in one year or less | 20 | 13 |
Due after one year through five years | 82 | 74 |
Due after five years through ten years | 81 | 59 |
Due after ten years | $ 0 | $ 0 |
Yield | ||
Total | 2.30% | 1.80% |
Due in one year or less | 1.30% | 0.80% |
Due after one year through five years | 2.40% | 1.80% |
Due after five years through ten years | 2.50% | 1.90% |
Due after ten years | 0% | 0% |
Amortized cost of available-for-sale securities | ||
Total | $ 190 | $ 158 |
Agency mortgage-backed residential | ||
Amount | ||
Total available-for-sale securities | 15,384 | 16,633 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 10 | 0 |
Due after five years through ten years | 32 | 27 |
Due after ten years | $ 15,342 | $ 16,606 |
Yield | ||
Total | 2.60% | 2.60% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 1.90% | 0% |
Due after five years through ten years | 2.50% | 2% |
Due after ten years | 2.60% | 2.60% |
Amortized cost of available-for-sale securities | ||
Total | $ 18,122 | $ 19,668 |
Amount | ||
Total | 999 | 1,062 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 0 | 0 |
Due after five years through ten years | 0 | 0 |
Due after ten years | $ 999 | $ 1,062 |
Yield | ||
Total | 2.80% | 2.80% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 0% | 0% |
Due after five years through ten years | 0% | 0% |
Due after ten years | 2.80% | 2.80% |
Hedged asset, fair value hedge, cumulative increase (decrease) | $ 46 | |
Hedged liability, fair value hedge, cumulative increase (decrease) | $ 12 | |
Mortgage-backed residential | ||
Amount | ||
Total available-for-sale securities | 225 | 4,299 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 0 | 0 |
Due after five years through ten years | 0 | 14 |
Due after ten years | $ 225 | $ 4,285 |
Yield | ||
Total | 2.70% | 2.80% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 0% | 0% |
Due after five years through ten years | 0% | 2.90% |
Due after ten years | 2.70% | 2.80% |
Amortized cost of available-for-sale securities | ||
Total | $ 268 | $ 5,154 |
Amount | ||
Total | 3,603 | 0 |
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 12 | |
Due after ten years | $ 3,591 | |
Yield | ||
Total | 2.80% | |
Due in one year or less | 0% | |
Due after one year through five years | 0% | |
Due after five years through ten years | 3% | |
Due after ten years | 2.80% | |
Agency mortgage-backed commercial | ||
Amount | ||
Total available-for-sale securities | $ 3,758 | 3,535 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 163 | 66 |
Due after five years through ten years | 1,641 | 1,234 |
Due after ten years | $ 1,954 | $ 2,235 |
Yield | ||
Total | 2.30% | 2.20% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 3.80% | 3.10% |
Due after five years through ten years | 2.40% | 2.10% |
Due after ten years | 2.10% | 2.10% |
Amortized cost of available-for-sale securities | ||
Total | $ 4,539 | $ 4,380 |
Yield | ||
Hedged asset, fair value hedge, cumulative increase (decrease) | 29 | 15 |
Asset-backed | ||
Amount | ||
Total available-for-sale securities | 332 | 433 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 327 | 401 |
Due after five years through ten years | 4 | 25 |
Due after ten years | $ 1 | $ 7 |
Yield | ||
Total | 1.70% | 1.70% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 1.70% | 1.70% |
Due after five years through ten years | 3.90% | 1.80% |
Due after ten years | 2.70% | 3.50% |
Amortized cost of available-for-sale securities | ||
Total | $ 344 | $ 459 |
Amount | ||
Total | 78 | 0 |
Due in one year or less | 1 | |
Due after one year through five years | 41 | |
Due after five years through ten years | 2 | |
Due after ten years | $ 34 | |
Yield | ||
Total | 5.60% | |
Due in one year or less | 5.60% | |
Due after one year through five years | 5.60% | |
Due after five years through ten years | 6% | |
Due after ten years | 5.60% | |
Corporate debt | ||
Amount | ||
Total available-for-sale securities | $ 1,800 | 1,719 |
Due in one year or less | 210 | 86 |
Due after one year through five years | 915 | 912 |
Due after five years through ten years | 671 | 705 |
Due after ten years | $ 4 | $ 16 |
Yield | ||
Total | 2.70% | 2.40% |
Due in one year or less | 2.40% | 2.40% |
Due after one year through five years | 2.60% | 2.30% |
Due after five years through ten years | 2.90% | 2.60% |
Due after ten years | 6.20% | 4.90% |
Amortized cost of available-for-sale securities | ||
Total | $ 1,942 | $ 1,931 |
Investment Securities (Invest_3
Investment Securities (Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Taxable interest | $ 938 | $ 765 | $ 533 |
Taxable dividends | 20 | 17 | 27 |
Interest and dividends exempt from U.S. federal income tax | 22 | 22 | 19 |
Interest and dividends on investment securities | $ 980 | $ 804 | $ 579 |
Investment Securities (Schedule
Investment Securities (Schedule Of Realized Gain (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 5 | $ 23 | $ 102 |
Net realized gain on available-for-sale securities | 5 | 23 | 102 |
Net realized gain on equity securities | 32 | 72 | 190 |
Net unrealized gain (loss) on equity securities | 107 | (215) | (7) |
Other gain (loss) on investments, net | $ 144 | $ (120) | $ 285 |
Investment securities (Invest_4
Investment securities (Investments Classified by Credit Rating) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 4,680 | $ 1,062 |
Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 999 | 1,062 |
Mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 3,603 | 0 |
Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 78 | 0 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 3,570 | 0 |
AAA | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
AAA | Mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 3,497 | |
AAA | Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 73 | |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,094 | 1,062 |
AA | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 999 | 1,062 |
AA | Mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 93 | |
AA | Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 2 | |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 15 | 0 |
A | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
A | Mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 13 | |
A | Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 2 | |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1 | 0 |
BBB | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 0 | $ 0 |
BBB | Mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 0 | |
BBB | Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 1 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Unrealized Loss on Investments) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Less than 12 months | ||
Fair value | $ 590,000,000 | $ 12,548,000,000 |
Unrealized loss | (10,000,000) | (1,503,000,000) |
12 months or longer | ||
Fair value | 23,331,000,000 | 16,660,000,000 |
Unrealized loss | (4,000,000,000) | (3,824,000,000) |
Credit reserves | 0 | 0 |
U.S. Treasury and federal agencies | ||
Less than 12 months | ||
Fair value | 0 | 529,000,000 |
Unrealized loss | 0 | (68,000,000) |
12 months or longer | ||
Fair value | 2,075,000,000 | 1,487,000,000 |
Unrealized loss | (209,000,000) | (188,000,000) |
U.S. States and political subdivisions | ||
Less than 12 months | ||
Fair value | 70,000,000 | 547,000,000 |
Unrealized loss | 0 | (55,000,000) |
12 months or longer | ||
Fair value | 501,000,000 | 135,000,000 |
Unrealized loss | (70,000,000) | (27,000,000) |
Foreign government | ||
Less than 12 months | ||
Fair value | 16,000,000 | 75,000,000 |
Unrealized loss | 0 | (4,000,000) |
12 months or longer | ||
Fair value | 134,000,000 | 71,000,000 |
Unrealized loss | (8,000,000) | (8,000,000) |
Agency mortgage-backed residential | ||
Less than 12 months | ||
Fair value | 300,000,000 | 7,472,000,000 |
Unrealized loss | (5,000,000) | (892,000,000) |
12 months or longer | ||
Fair value | 15,015,000,000 | 8,978,000,000 |
Unrealized loss | (2,734,000,000) | (2,146,000,000) |
Mortgage-backed residential | ||
Less than 12 months | ||
Fair value | 0 | 1,985,000,000 |
Unrealized loss | 0 | (289,000,000) |
12 months or longer | ||
Fair value | 225,000,000 | 2,287,000,000 |
Unrealized loss | (43,000,000) | (566,000,000) |
Agency mortgage-backed commercial | ||
Less than 12 months | ||
Fair value | 153,000,000 | 996,000,000 |
Unrealized loss | (4,000,000) | (124,000,000) |
12 months or longer | ||
Fair value | 3,472,000,000 | 2,535,000,000 |
Unrealized loss | (779,000,000) | (721,000,000) |
Asset-backed | ||
Less than 12 months | ||
Fair value | 18,000,000 | 162,000,000 |
Unrealized loss | 0 | (4,000,000) |
12 months or longer | ||
Fair value | 302,000,000 | 272,000,000 |
Unrealized loss | (12,000,000) | (22,000,000) |
Corporate debt | ||
Less than 12 months | ||
Fair value | 33,000,000 | 782,000,000 |
Unrealized loss | (1,000,000) | (67,000,000) |
12 months or longer | ||
Fair value | 1,607,000,000 | 895,000,000 |
Unrealized loss | $ (145,000,000) | $ (146,000,000) |
Finance Receivables and Loans_3
Finance Receivables and Loans, Net (Schedule of Accounts, Notes, Loans and Financing Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | $ 139,439 | $ 135,748 | |
Unamortized premiums and discounts and deferred fees and costs | 2,300 | 2,300 | |
Accrued interest receivable | 853 | 707 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 104,977 | 106,610 | |
Consumer | Automotive | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 84,320 | 83,286 | |
Consumer | Consumer mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 18,667 | 19,735 | |
Consumer | Mortgage Finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 18,442 | 19,445 | |
Interest-only mortgage loans | 2 | 3 | |
Consumer | Mortgage — Legacy | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 225 | 290 | |
Interest-only mortgage loans | 13 | 17 | |
Consumer | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 1,990 | 3,589 | |
Fair value, option, carrying amount, financing receivable, no allowance | 3 | $ 7 | |
Consumer | Personal Lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 0 | 1,990 | |
Consumer | Credit Card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 1,990 | 1,599 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 34,462 | 29,138 | |
Commercial | Automotive | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 18,700 | 14,595 | |
Commercial | Consumer mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 6,050 | 5,389 | |
Commercial | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | $ 9,712 | $ 9,154 |
Finance Receivables and Loans_4
Finance Receivables and Loans, Net (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Allowance, beginning balance | $ 3,711 | $ 3,267 | |
Charge-offs | (2,720) | (1,628) | |
Recoveries | 833 | 676 | |
Net charge-offs | (1,887) | (952) | |
Write-downs from transfers to held-for-sale | (215) | ||
Provision for credit losses | 1,979 | 1,396 | |
Other | (1) | 0 | |
Allowance, ending balance | 3,587 | 3,711 | |
Disposal Group, Held-for-Sale, Not Discontinued Operations | Ally Lending | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for credit losses | 16 | ||
Unfunded lending commitments | 5 | ||
Unfunded Loan Commitment | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for credit losses | (11) | 3 | |
Consumer | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Charge-offs | (2,590) | ||
Consumer | Automotive | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Allowance, beginning balance | 3,020 | 2,769 | |
Charge-offs | (2,284) | (1,434) | |
Recoveries | 793 | 649 | |
Net charge-offs | (1,491) | (785) | |
Write-downs from transfers to held-for-sale | (41) | ||
Provision for credit losses | 1,595 | 1,036 | |
Other | 0 | 0 | |
Allowance, ending balance | 3,083 | 3,020 | |
Consumer | Consumer mortgage | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Allowance, beginning balance | 27 | 27 | |
Charge-offs | (3) | (3) | |
Recoveries | 9 | 12 | |
Net charge-offs | 6 | 9 | |
Write-downs from transfers to held-for-sale | 0 | ||
Provision for credit losses | (11) | (8) | |
Other | (1) | (1) | |
Allowance, ending balance | 21 | 27 | |
Consumer | Consumer other | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Allowance, beginning balance | 426 | 221 | |
Charge-offs | (303) | (133) | |
Recoveries | 25 | 12 | |
Net charge-offs | (278) | (121) | |
Write-downs from transfers to held-for-sale | (174) | ||
Provision for credit losses | 319 | 326 | |
Other | 0 | 0 | |
Allowance, ending balance | 293 | 426 | |
Fair value, option, carrying amount, financing receivable, no allowance | 3 | $ 7 | |
Commercial | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Allowance, beginning balance | 238 | 250 | |
Charge-offs | (130) | (58) | |
Recoveries | 6 | 3 | |
Net charge-offs | (124) | (55) | |
Write-downs from transfers to held-for-sale | 0 | ||
Provision for credit losses | 76 | 42 | |
Other | 0 | 1 | |
Allowance, ending balance | 190 | $ 238 | |
Commercial | Automotive | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Charge-offs | (24) | ||
Commercial | Consumer other | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Charge-offs | $ (106) |
Finance Receivables and Loans_5
Finance Receivables and Loans, Net (Schedule of Sales of Financing Receivables and Loans) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total sales and transfers | $ 3,739 | $ 27 |
Consumer | Automotive | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total sales and transfers | 1,667 | 23 |
Consumer | Consumer mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total sales and transfers | 0 | 4 |
Consumer | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total sales and transfers | 1,940 | 0 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total sales and transfers | $ 132 | $ 0 |
Finance Receivables and Loans_6
Finance Receivables and Loans, Net (Schedule of Purchases of Financing Receivables and Loans) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total purchases of finance receivables and loans | $ 3,892 | $ 6,891 |
Consumer | Automotive | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total purchases of finance receivables and loans | 3,861 | 4,092 |
Consumer | Consumer mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total purchases of finance receivables and loans | 21 | 2,781 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total purchases of finance receivables and loans | 10 | 18 |
Consumer Loan | Finance receivables and loans, net | Fair value, measurements, recurring | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | $ 0 | $ 12 |
Finance Receivables and Loans_7
Finance Receivables and Loans, Net (Schedule of Financing Receivables, Nonaccrual Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | $ 1,394 | $ 1,454 | $ 1,436 |
Financing receivable, nonaccrual, with no allowance | 585 | 519 | |
Financing receivable, nonaccrual, interest income | 16 | 13 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 1,275 | 1,292 | 1,179 |
Financing receivable, nonaccrual, with no allowance | 564 | 484 | |
Consumer | Automotive | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 1,129 | 1,187 | 1,078 |
Financing receivable, nonaccrual, with no allowance | 531 | 445 | |
Consumer | Consumer mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 54 | 49 | 85 |
Financing receivable, nonaccrual, with no allowance | 33 | 39 | |
Consumer | Mortgage Finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 41 | 34 | 59 |
Financing receivable, nonaccrual, with no allowance | 21 | 25 | |
Consumer | Mortgage — Legacy | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 13 | 15 | 26 |
Financing receivable, nonaccrual, with no allowance | 12 | 14 | |
Consumer | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 92 | 56 | 16 |
Financing receivable, nonaccrual, with no allowance | 0 | 0 | |
Consumer | Personal Lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 0 | 13 | 5 |
Financing receivable, nonaccrual, with no allowance | 0 | 0 | |
Consumer | Credit Card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 92 | 43 | 11 |
Financing receivable, nonaccrual, with no allowance | 0 | 0 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 119 | 162 | 257 |
Financing receivable, nonaccrual, with no allowance | 21 | 35 | |
Commercial | Automotive | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 18 | 5 | 33 |
Financing receivable, nonaccrual, with no allowance | 13 | 2 | |
Commercial | Consumer mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 3 | 0 | 3 |
Financing receivable, nonaccrual, with no allowance | 3 | 0 | |
Commercial | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 98 | 157 | $ 221 |
Financing receivable, nonaccrual, with no allowance | $ 5 | $ 33 |
Finance Receivables and Loans_8
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Consumer) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total finance receivables and loans | $ 139,439 | $ 135,748 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total finance receivables and loans | 104,977 | 106,610 | |
Consumer | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 40,946 | ||
Year two, originated, fiscal year before current fiscal year | 34,750 | ||
Year three, originated, two years before current fiscal year | 12,893 | ||
Year four, originated, three years before current fiscal year | 7,698 | ||
Year five, originated, four years before current fiscal year | 4,071 | ||
Originated, more than five years before current fiscal year | 4,994 | ||
Revolving loans | 1,794 | ||
Revolving loans converted to term | 21 | ||
Total finance receivables and loans | 107,167 | ||
Consumer | Consumer automotive, excludes basis adjustment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 31,450 | 37,114 | |
Year two, originated, fiscal year before current fiscal year | 25,350 | 23,415 | |
Year three, originated, two years before current fiscal year | 15,373 | 10,893 | |
Year four, originated, three years before current fiscal year | 6,555 | 6,872 | |
Year five, originated, four years before current fiscal year | 3,587 | 3,480 | |
Originated, more than five years before current fiscal year | 2,071 | 2,072 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 84,386 | 83,846 | |
Liability excluded from amortized cost of hedged asset, portfolio layer method | 66 | 560 | |
Consumer | Consumer mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 153 | 2,309 | |
Year two, originated, fiscal year before current fiscal year | 2,181 | 10,927 | |
Year three, originated, two years before current fiscal year | 10,396 | 1,950 | |
Year four, originated, three years before current fiscal year | 1,843 | 821 | |
Year five, originated, four years before current fiscal year | 752 | 590 | |
Originated, more than five years before current fiscal year | 3,178 | 2,922 | |
Revolving loans | 145 | 195 | |
Revolving loans converted to term | 19 | 21 | |
Total finance receivables and loans | 18,667 | 19,735 | |
Consumer | Mortgage Finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 153 | 2,309 | |
Year two, originated, fiscal year before current fiscal year | 2,181 | 10,927 | |
Year three, originated, two years before current fiscal year | 10,396 | 1,950 | |
Year four, originated, three years before current fiscal year | 1,843 | 821 | |
Year five, originated, four years before current fiscal year | 752 | 590 | |
Originated, more than five years before current fiscal year | 3,117 | 2,848 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 18,442 | 19,445 | |
Consumer | Mortgage — Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 61 | 74 | |
Revolving loans | 145 | 195 | |
Revolving loans converted to term | 19 | 21 | |
Total finance receivables and loans | 225 | 290 | |
Consumer | Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | ||
Year two, originated, fiscal year before current fiscal year | 0 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 1,990 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 1,990 | 3,589 | |
Fair value, option, carrying amount, financing receivable, no allowance | 3 | $ 7 | |
Consumer | Other | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 1,523 | ||
Year two, originated, fiscal year before current fiscal year | 408 | ||
Year three, originated, two years before current fiscal year | 50 | ||
Year four, originated, three years before current fiscal year | 5 | ||
Year five, originated, four years before current fiscal year | 1 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 1,599 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 3,586 | ||
Consumer | Personal Lending | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total finance receivables and loans | 0 | 1,990 | |
Consumer | Personal Lending | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 1,523 | ||
Year two, originated, fiscal year before current fiscal year | 408 | ||
Year three, originated, two years before current fiscal year | 50 | ||
Year four, originated, three years before current fiscal year | 5 | ||
Year five, originated, four years before current fiscal year | 1 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 1,987 | ||
Consumer | Credit card receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 1,990 | 1,599 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 1,990 | 1,599 | |
Consumer Portfolio Segment, Excludes Basis Adjustment for Automotive Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 31,603 | ||
Year two, originated, fiscal year before current fiscal year | 27,531 | ||
Year three, originated, two years before current fiscal year | 25,769 | ||
Year four, originated, three years before current fiscal year | 8,398 | ||
Year five, originated, four years before current fiscal year | 4,339 | ||
Originated, more than five years before current fiscal year | 5,249 | ||
Revolving loans | 2,135 | ||
Revolving loans converted to term | 19 | ||
Total finance receivables and loans | 105,043 | ||
Current | Consumer | Consumer automotive, excludes basis adjustment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 30,677 | 36,127 | |
Year two, originated, fiscal year before current fiscal year | 23,699 | 22,102 | |
Year three, originated, two years before current fiscal year | 14,209 | 10,341 | |
Year four, originated, three years before current fiscal year | 6,132 | 6,451 | |
Year five, originated, four years before current fiscal year | 3,306 | 3,237 | |
Originated, more than five years before current fiscal year | 1,876 | 1,890 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 79,899 | 80,148 | |
Current | Consumer | Mortgage Finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 152 | 2,292 | |
Year two, originated, fiscal year before current fiscal year | 2,170 | 10,893 | |
Year three, originated, two years before current fiscal year | 10,374 | 1,946 | |
Year four, originated, three years before current fiscal year | 1,836 | 815 | |
Year five, originated, four years before current fiscal year | 747 | 577 | |
Originated, more than five years before current fiscal year | 3,073 | 2,805 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 18,352 | 19,328 | |
Current | Consumer | Mortgage — Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 51 | 62 | |
Revolving loans | 142 | 191 | |
Revolving loans converted to term | 17 | 18 | |
Total finance receivables and loans | 210 | 271 | |
Current | Consumer | Personal Lending | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 1,492 | ||
Year two, originated, fiscal year before current fiscal year | 392 | ||
Year three, originated, two years before current fiscal year | 48 | ||
Year four, originated, three years before current fiscal year | 5 | ||
Year five, originated, four years before current fiscal year | 1 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 1,938 | ||
Current | Consumer | Credit card receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 1,828 | 1,518 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 1,828 | 1,518 | |
30–59 days past due | Consumer | Consumer automotive, excludes basis adjustment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 539 | 707 | |
Year two, originated, fiscal year before current fiscal year | 1,041 | 878 | |
Year three, originated, two years before current fiscal year | 739 | 370 | |
Year four, originated, three years before current fiscal year | 270 | 284 | |
Year five, originated, four years before current fiscal year | 181 | 165 | |
Originated, more than five years before current fiscal year | 122 | 120 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 2,892 | 2,524 | |
30–59 days past due | Consumer | Mortgage Finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 1 | 15 | |
Year two, originated, fiscal year before current fiscal year | 8 | 29 | |
Year three, originated, two years before current fiscal year | 14 | 4 | |
Year four, originated, three years before current fiscal year | 3 | 3 | |
Year five, originated, four years before current fiscal year | 3 | 4 | |
Originated, more than five years before current fiscal year | 20 | 26 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 49 | 81 | |
30–59 days past due | Consumer | Mortgage — Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 3 | 4 | |
Revolving loans | 0 | 1 | |
Revolving loans converted to term | 1 | 0 | |
Total finance receivables and loans | 4 | 5 | |
30–59 days past due | Consumer | Personal Lending | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 14 | ||
Year two, originated, fiscal year before current fiscal year | 6 | ||
Year three, originated, two years before current fiscal year | 1 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 21 | ||
30–59 days past due | Consumer | Credit card receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 39 | 22 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 39 | 22 | |
60–89 days past due | Consumer | Consumer automotive, excludes basis adjustment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 170 | 207 | |
Year two, originated, fiscal year before current fiscal year | 443 | 324 | |
Year three, originated, two years before current fiscal year | 303 | 135 | |
Year four, originated, three years before current fiscal year | 109 | 99 | |
Year five, originated, four years before current fiscal year | 68 | 55 | |
Originated, more than five years before current fiscal year | 45 | 38 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 1,138 | 858 | |
60–89 days past due | Consumer | Mortgage Finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 2 | |
Year two, originated, fiscal year before current fiscal year | 2 | 4 | |
Year three, originated, two years before current fiscal year | 4 | 0 | |
Year four, originated, three years before current fiscal year | 3 | 1 | |
Year five, originated, four years before current fiscal year | 0 | 1 | |
Originated, more than five years before current fiscal year | 5 | 3 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 14 | 11 | |
60–89 days past due | Consumer | Mortgage — Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 1 | 0 | |
Revolving loans | 1 | 0 | |
Revolving loans converted to term | 0 | 1 | |
Total finance receivables and loans | 2 | 1 | |
60–89 days past due | Consumer | Personal Lending | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 9 | ||
Year two, originated, fiscal year before current fiscal year | 5 | ||
Year three, originated, two years before current fiscal year | 1 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 15 | ||
60–89 days past due | Consumer | Credit card receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 34 | 18 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 34 | 18 | |
90 or more days past due | Consumer | Consumer automotive, excludes basis adjustment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 64 | 73 | |
Year two, originated, fiscal year before current fiscal year | 167 | 111 | |
Year three, originated, two years before current fiscal year | 122 | 47 | |
Year four, originated, three years before current fiscal year | 44 | 38 | |
Year five, originated, four years before current fiscal year | 32 | 23 | |
Originated, more than five years before current fiscal year | 28 | 24 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 457 | 316 | |
90 or more days past due | Consumer | Mortgage Finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 1 | 1 | |
Year three, originated, two years before current fiscal year | 4 | 0 | |
Year four, originated, three years before current fiscal year | 1 | 2 | |
Year five, originated, four years before current fiscal year | 2 | 8 | |
Originated, more than five years before current fiscal year | 19 | 14 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 27 | 25 | |
90 or more days past due | Consumer | Mortgage — Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 6 | 8 | |
Revolving loans | 2 | 3 | |
Revolving loans converted to term | 1 | 2 | |
Total finance receivables and loans | 9 | 13 | |
90 or more days past due | Consumer | Personal Lending | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 8 | ||
Year two, originated, fiscal year before current fiscal year | 5 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 13 | ||
90 or more days past due | Consumer | Credit card receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 89 | 41 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | $ 89 | $ 41 |
Finance Receivables and Loans_9
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Commercial) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total finance receivables and loans | $ 139,439 | $ 135,748 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 1,820 | 2,915 |
Year two, originated, fiscal year before current fiscal year | 2,845 | 2,035 |
Year three, originated, two years before current fiscal year | 1,929 | 1,871 |
Year four, originated, three years before current fiscal year | 1,597 | 1,406 |
Year five, originated, four years before current fiscal year | 1,002 | 508 |
Originated, more than five years before current fiscal year | 1,223 | 1,196 |
Revolving loans | 23,811 | 19,057 |
Revolving loans converted to term | 235 | 150 |
Total finance receivables and loans | 34,462 | 29,138 |
Automotive | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 515 | 663 |
Year two, originated, fiscal year before current fiscal year | 520 | 258 |
Year three, originated, two years before current fiscal year | 195 | 132 |
Year four, originated, three years before current fiscal year | 98 | 79 |
Year five, originated, four years before current fiscal year | 59 | 38 |
Originated, more than five years before current fiscal year | 37 | 55 |
Revolving loans | 17,276 | 13,370 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 18,700 | 14,595 |
Automotive | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 509 | 640 |
Year two, originated, fiscal year before current fiscal year | 512 | 211 |
Year three, originated, two years before current fiscal year | 165 | 132 |
Year four, originated, three years before current fiscal year | 97 | 78 |
Year five, originated, four years before current fiscal year | 58 | 28 |
Originated, more than five years before current fiscal year | 22 | 34 |
Revolving loans | 16,446 | 12,327 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 17,809 | 13,450 |
Automotive | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 6 | 23 |
Year two, originated, fiscal year before current fiscal year | 7 | 47 |
Year three, originated, two years before current fiscal year | 30 | 0 |
Year four, originated, three years before current fiscal year | 1 | 0 |
Year five, originated, four years before current fiscal year | 1 | 10 |
Originated, more than five years before current fiscal year | 14 | 21 |
Revolving loans | 723 | 1,016 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 782 | 1,117 |
Automotive | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 1 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 1 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 44 | 27 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 45 | 28 |
Automotive | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | |
Year three, originated, two years before current fiscal year | 0 | |
Year four, originated, three years before current fiscal year | 0 | |
Year five, originated, four years before current fiscal year | 0 | |
Originated, more than five years before current fiscal year | 1 | |
Revolving loans | 63 | |
Revolving loans converted to term | 0 | |
Total finance receivables and loans | 64 | |
Other | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 331 | 771 |
Year two, originated, fiscal year before current fiscal year | 854 | 627 |
Year three, originated, two years before current fiscal year | 577 | 786 |
Year four, originated, three years before current fiscal year | 614 | 629 |
Year five, originated, four years before current fiscal year | 318 | 101 |
Originated, more than five years before current fiscal year | 374 | 425 |
Revolving loans | 6,435 | 5,678 |
Revolving loans converted to term | 209 | 137 |
Total finance receivables and loans | 9,712 | 9,154 |
Other | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 331 | 594 |
Year two, originated, fiscal year before current fiscal year | 646 | 469 |
Year three, originated, two years before current fiscal year | 343 | 607 |
Year four, originated, three years before current fiscal year | 405 | 419 |
Year five, originated, four years before current fiscal year | 266 | 54 |
Originated, more than five years before current fiscal year | 180 | 133 |
Revolving loans | 6,202 | 5,344 |
Revolving loans converted to term | 173 | 89 |
Total finance receivables and loans | 8,546 | 7,709 |
Other | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 177 |
Year two, originated, fiscal year before current fiscal year | 208 | 158 |
Year three, originated, two years before current fiscal year | 188 | 175 |
Year four, originated, three years before current fiscal year | 206 | 95 |
Year five, originated, four years before current fiscal year | 51 | 47 |
Originated, more than five years before current fiscal year | 85 | 128 |
Revolving loans | 198 | 278 |
Revolving loans converted to term | 25 | 35 |
Total finance receivables and loans | 961 | 1,093 |
Other | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 46 | 4 |
Year four, originated, three years before current fiscal year | 3 | 51 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 83 | 139 |
Revolving loans | 25 | 55 |
Revolving loans converted to term | 11 | 13 |
Total finance receivables and loans | 168 | 262 |
Other | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 64 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 26 | 25 |
Revolving loans | 10 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 36 | 89 |
Other | Loss | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 1 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 0 | 1 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 1 | 1 |
Commercial real estate | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 974 | 1,481 |
Year two, originated, fiscal year before current fiscal year | 1,471 | 1,150 |
Year three, originated, two years before current fiscal year | 1,157 | 953 |
Year four, originated, three years before current fiscal year | 885 | 698 |
Year five, originated, four years before current fiscal year | 625 | 369 |
Originated, more than five years before current fiscal year | 812 | 716 |
Revolving loans | 100 | 9 |
Revolving loans converted to term | 26 | 13 |
Total finance receivables and loans | 6,050 | 5,389 |
Commercial real estate | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 971 | 1,481 |
Year two, originated, fiscal year before current fiscal year | 1,452 | 1,118 |
Year three, originated, two years before current fiscal year | 1,129 | 951 |
Year four, originated, three years before current fiscal year | 884 | 679 |
Year five, originated, four years before current fiscal year | 607 | 369 |
Originated, more than five years before current fiscal year | 811 | 716 |
Revolving loans | 100 | 9 |
Revolving loans converted to term | 26 | 13 |
Total finance receivables and loans | 5,980 | 5,336 |
Commercial real estate | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 3 | 0 |
Year two, originated, fiscal year before current fiscal year | 16 | 32 |
Year three, originated, two years before current fiscal year | 28 | 2 |
Year four, originated, three years before current fiscal year | 1 | 19 |
Year five, originated, four years before current fiscal year | 18 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 66 | $ 53 |
Commercial real estate | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | |
Year two, originated, fiscal year before current fiscal year | 3 | |
Year three, originated, two years before current fiscal year | 0 | |
Year four, originated, three years before current fiscal year | 0 | |
Year five, originated, four years before current fiscal year | 0 | |
Originated, more than five years before current fiscal year | 1 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total finance receivables and loans | $ 4 |
Finance Receivables and Loan_10
Finance Receivables and Loans, Net (Past Due Financing Receivables and Loans Commercial) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | $ 139,439 | $ 135,748 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 34,462 | 29,138 |
Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 18,700 | 14,595 |
Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 9,712 | 9,154 |
Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 6,050 | 5,389 |
Total past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 5 | 3 |
Total past due | Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Total past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 5 | 3 |
Total past due | Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
30–59 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 2 | 0 |
30–59 days past due | Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
30–59 days past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 2 | 0 |
30–59 days past due | Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
60–89 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 1 |
60–89 days past due | Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
60–89 days past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 1 |
60–89 days past due | Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
90 or more days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 3 | 2 |
90 or more days past due | Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
90 or more days past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 3 | 2 |
90 or more days past due | Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Current | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 34,457 | 29,135 |
Current | Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 18,700 | 14,595 |
Current | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 9,707 | 9,151 |
Current | Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | $ 6,050 | $ 5,389 |
Finance Receivables and Loan_11
Finance Receivables and Loans, Net (Financing Receivable Gross Charge-Offs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 239 | |
2022 | 1,034 | |
2021 | 680 | |
2020 | 197 | |
2019 | 221 | |
2018 and prior | 151 | |
Revolving loans | 188 | |
Revolving loans converted to term | 10 | |
Total | 2,720 | $ 1,628 |
Write-downs from transfers to held-for-sale | 215 | |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 239 | |
2022 | 1,034 | |
2021 | 680 | |
2020 | 197 | |
2019 | 142 | |
2018 and prior | 123 | |
Revolving loans | 165 | |
Revolving loans converted to term | 10 | |
Total | 2,590 | |
Consumer | Automotive | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 225 | |
2022 | 952 | |
2021 | 651 | |
2020 | 194 | |
2019 | 142 | |
2018 and prior | 120 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 2,284 | 1,434 |
Write-downs from transfers to held-for-sale | 41 | |
Consumer | Consumer mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 and prior | 3 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 3 | 3 |
Write-downs from transfers to held-for-sale | 0 | |
Consumer | Mortgage Finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 and prior | 1 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1 | |
Consumer | Mortgage — Legacy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 and prior | 2 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 2 | |
Consumer | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 14 | |
2022 | 82 | |
2021 | 29 | |
2020 | 3 | |
2019 | 0 | |
2018 and prior | 0 | |
Revolving loans | 165 | |
Revolving loans converted to term | 10 | |
Total | 303 | 133 |
Write-downs from transfers to held-for-sale | 174 | |
Consumer | Personal Lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 14 | |
2022 | 82 | |
2021 | 29 | |
2020 | 3 | |
2019 | 0 | |
2018 and prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 128 | |
Consumer | Credit Card | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 and prior | 0 | |
Revolving loans | 165 | |
Revolving loans converted to term | 10 | |
Total | 175 | |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 79 | |
2018 and prior | 28 | |
Revolving loans | 23 | |
Revolving loans converted to term | 0 | |
Total | 130 | $ 58 |
Write-downs from transfers to held-for-sale | 0 | |
Commercial | Automotive | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 and prior | 5 | |
Revolving loans | 19 | |
Revolving loans converted to term | 0 | |
Total | 24 | |
Commercial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 79 | |
2018 and prior | 23 | |
Revolving loans | 4 | |
Revolving loans converted to term | 0 | |
Total | $ 106 |
Finance Receivables and Loan_12
Finance Receivables and Loans, Net (Loan Modifications) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivable, Troubled Debt Restructuring | |||
Trial modifications, term | 3 months | ||
Trial modifications, amount | $ 5 | ||
Total | $ 378 | ||
Percentage of total | 0.30% | ||
Loans modified, commitment to lend | $ 6 | $ 61 | $ 18 |
Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 36 | ||
Contractual maturity extensions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 284 | ||
Principal forgiveness | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 13 | ||
Interest rate concessions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 13 | ||
Combination | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 32 | ||
Consumer | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 296 | ||
Consumer | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 247 | ||
Consumer | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 29 | ||
Consumer | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 8 | ||
Consumer | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 12 | ||
Consumer | Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Contractual maturity extensions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 238 | ||
Consumer | Principal forgiveness | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 13 | ||
Consumer | Interest rate concessions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 13 | ||
Consumer | Combination | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 32 | ||
Consumer | Automotive | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 275 | ||
Number of loans redefualted | loan | 235 | ||
Amortized cost of loans redefaulted | $ 5 | ||
Consumer | Automotive | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 234 | ||
Consumer | Automotive | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 27 | ||
Consumer | Automotive | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 7 | ||
Consumer | Automotive | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 7 | ||
Consumer | Automotive | Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Number of months extended/deferred | 29 months | ||
Consumer | Automotive | Contractual maturity extensions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 234 | ||
Consumer | Automotive | Contractual maturity extensions | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 202 | ||
Consumer | Automotive | Contractual maturity extensions | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 24 | ||
Consumer | Automotive | Contractual maturity extensions | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 7 | ||
Consumer | Automotive | Contractual maturity extensions | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 1 | ||
Consumer | Automotive | Principal forgiveness | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 13 | ||
Principal forgiveness, amount forgiven | 3 | ||
Consumer | Automotive | Principal forgiveness | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 7 | ||
Consumer | Automotive | Principal forgiveness | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 1 | ||
Consumer | Automotive | Principal forgiveness | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Automotive | Principal forgiveness | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 5 | ||
Consumer | Automotive | Interest rate concessions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Interest rate concessions, initial rate | 0% | ||
Interest rate concessions, revised rate | 0% | ||
Consumer | Automotive | Combination | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 28 | ||
Interest rate concessions, initial rate | 10.30% | ||
Interest rate concessions, revised rate | 9.50% | ||
Payment extensions, initial term | 74 months | ||
Payment extensions, revised term | 86 months | ||
Consumer | Automotive | Combination | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 25 | ||
Consumer | Automotive | Combination | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 2 | ||
Consumer | Automotive | Combination | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Automotive | Combination | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 1 | ||
Consumer | Consumer mortgage | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 8 | ||
Number of loans redefualted | loan | 1 | ||
Amortized cost of loans redefaulted | $ 2 | ||
Consumer | Consumer mortgage | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 6 | ||
Consumer | Consumer mortgage | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Consumer mortgage | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Consumer mortgage | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 2 | ||
Consumer | Consumer mortgage | Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Number of months extended/deferred | 132 months | ||
Consumer | Consumer mortgage | Contractual maturity extensions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 4 | ||
Consumer | Consumer mortgage | Principal forgiveness | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Principal forgiveness, amount forgiven | 0 | ||
Consumer | Consumer mortgage | Interest rate concessions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Interest rate concessions, initial rate | 0% | ||
Interest rate concessions, revised rate | 0% | ||
Consumer | Consumer mortgage | Combination | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 4 | ||
Number of months extended/deferred | 207 months | ||
Interest rate concessions, initial rate | 4.40% | ||
Interest rate concessions, revised rate | 3.10% | ||
Payment extensions, initial term | 286 months | ||
Payment extensions, revised term | 442 months | ||
Consumer | Mortgage Finance | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 6 | ||
Consumer | Mortgage Finance | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 4 | ||
Consumer | Mortgage Finance | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage Finance | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage Finance | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 2 | ||
Consumer | Mortgage Finance | Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Number of months extended/deferred | 154 months | ||
Consumer | Mortgage Finance | Contractual maturity extensions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 3 | ||
Consumer | Mortgage Finance | Contractual maturity extensions | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 3 | ||
Consumer | Mortgage Finance | Contractual maturity extensions | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage Finance | Contractual maturity extensions | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage Finance | Contractual maturity extensions | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage Finance | Principal forgiveness | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Principal forgiveness, amount forgiven | 0 | ||
Consumer | Mortgage Finance | Interest rate concessions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Interest rate concessions, initial rate | 0% | ||
Interest rate concessions, revised rate | 0% | ||
Consumer | Mortgage Finance | Combination | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 3 | ||
Interest rate concessions, initial rate | 4.70% | ||
Interest rate concessions, revised rate | 3.30% | ||
Payment extensions, initial term | 307 months | ||
Payment extensions, revised term | 472 months | ||
Consumer | Mortgage Finance | Combination | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 1 | ||
Consumer | Mortgage Finance | Combination | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage Finance | Combination | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage Finance | Combination | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 2 | ||
Consumer | Mortgage — Legacy | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 2 | ||
Consumer | Mortgage — Legacy | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 2 | ||
Consumer | Mortgage — Legacy | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage — Legacy | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage — Legacy | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage — Legacy | Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Number of months extended/deferred | 76 months | ||
Consumer | Mortgage — Legacy | Contractual maturity extensions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 1 | ||
Consumer | Mortgage — Legacy | Contractual maturity extensions | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 1 | ||
Consumer | Mortgage — Legacy | Contractual maturity extensions | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage — Legacy | Contractual maturity extensions | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage — Legacy | Contractual maturity extensions | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage — Legacy | Principal forgiveness | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Principal forgiveness, amount forgiven | 0 | ||
Consumer | Mortgage — Legacy | Interest rate concessions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Interest rate concessions, initial rate | 0% | ||
Interest rate concessions, revised rate | 0% | ||
Consumer | Mortgage — Legacy | Combination | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 1 | ||
Interest rate concessions, initial rate | 2.70% | ||
Interest rate concessions, revised rate | 2% | ||
Payment extensions, initial term | 174 months | ||
Payment extensions, revised term | 283 months | ||
Consumer | Mortgage — Legacy | Combination | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 1 | ||
Consumer | Mortgage — Legacy | Combination | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage — Legacy | Combination | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Mortgage — Legacy | Combination | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Other | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 13 | ||
Consumer | Other | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 7 | ||
Consumer | Other | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 2 | ||
Consumer | Other | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 1 | ||
Consumer | Other | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 3 | ||
Consumer | Other | Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Other | Contractual maturity extensions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Other | Principal forgiveness | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Principal forgiveness, amount forgiven | 0 | ||
Consumer | Other | Interest rate concessions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 13 | ||
Interest rate concessions, initial rate | 30% | ||
Interest rate concessions, revised rate | 8% | ||
Consumer | Other | Combination | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Interest rate concessions, initial rate | 0% | ||
Interest rate concessions, revised rate | 0% | ||
Consumer | Credit Card | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 13 | ||
Consumer | Credit Card | Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Credit Card | Contractual maturity extensions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Consumer | Credit Card | Principal forgiveness | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Principal forgiveness, amount forgiven | 0 | ||
Consumer | Credit Card | Interest rate concessions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 13 | ||
Interest rate concessions, initial rate | 30% | ||
Interest rate concessions, revised rate | 8% | ||
Consumer | Credit Card | Interest rate concessions | Current | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 7 | ||
Consumer | Credit Card | Interest rate concessions | 30–59 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 2 | ||
Consumer | Credit Card | Interest rate concessions | 60–89 days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 1 | ||
Consumer | Credit Card | Interest rate concessions | 90 or more days past due | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 3 | ||
Consumer | Credit Card | Combination | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Interest rate concessions, initial rate | 0% | ||
Interest rate concessions, revised rate | 0% | ||
Commercial | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 82 | ||
Commercial | Pass | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 34 | ||
Commercial | Special mention | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 7 | ||
Commercial | Substandard | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 5 | ||
Commercial | Doubtful | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 36 | ||
Commercial | Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 36 | ||
Number of months extended/deferred | 15 months | ||
Commercial | Contractual maturity extensions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 46 | ||
Commercial | Principal forgiveness | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Principal forgiveness, amount forgiven | 0 | ||
Commercial | Interest rate concessions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Interest rate concessions, initial rate | 0% | ||
Interest rate concessions, revised rate | 0% | ||
Commercial | Combination | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Interest rate concessions, initial rate | 0% | ||
Interest rate concessions, revised rate | 0% | ||
Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 82 | ||
Commercial | Other | Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 36 | ||
Number of months extended/deferred | 15 months | ||
Commercial | Other | Payment deferrals | Pass | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Commercial | Other | Payment deferrals | Special mention | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Commercial | Other | Payment deferrals | Substandard | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Commercial | Other | Payment deferrals | Doubtful | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 36 | ||
Commercial | Other | Contractual maturity extensions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 46 | ||
Commercial | Other | Contractual maturity extensions | Corporate Finance operations | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of months extended/deferred | 3 months | ||
Commercial | Other | Contractual maturity extensions | Pass | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 34 | ||
Commercial | Other | Contractual maturity extensions | Special mention | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 7 | ||
Commercial | Other | Contractual maturity extensions | Substandard | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 5 | ||
Commercial | Other | Contractual maturity extensions | Doubtful | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Commercial | Other | Principal forgiveness | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | 0 | ||
Principal forgiveness, amount forgiven | 0 | ||
Commercial | Other | Interest rate concessions | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Interest rate concessions, initial rate | 0% | ||
Interest rate concessions, revised rate | 0% | ||
Commercial | Other | Combination | |||
Financing Receivable, Troubled Debt Restructuring | |||
Total | $ 0 | ||
Interest rate concessions, initial rate | 0% | ||
Interest rate concessions, revised rate | 0% |
Finance Receivables and Loan_13
Finance Receivables and Loans, Net (Troubled Debt Restructurings) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | Dec. 31, 2023 USD ($) | |
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, gross carrying value | $ 2,400 | $ 2,400 | |
Loans modified, commitment to lend | $ 61 | $ 18 | $ 6 |
Number of loans | loan | 52,662 | 78,162 | |
Pre-modification amortized cost basis | $ 1,310 | $ 1,458 | |
Post-modification amortized cost basis | $ 1,289 | $ 1,434 | |
Consumer | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 52,657 | 78,158 | |
Pre-modification amortized cost basis | $ 849 | $ 1,419 | |
Post-modification amortized cost basis | $ 823 | $ 1,395 | |
Consumer | Automotive | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 49,773 | 77,991 | |
Pre-modification amortized cost basis | $ 831 | $ 1,395 | |
Post-modification amortized cost basis | $ 805 | $ 1,371 | |
Consumer | Consumer mortgage | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 31 | 54 | |
Pre-modification amortized cost basis | $ 13 | $ 24 | |
Post-modification amortized cost basis | $ 13 | $ 24 | |
Consumer | Mortgage Finance | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 18 | 38 | |
Pre-modification amortized cost basis | $ 12 | $ 22 | |
Post-modification amortized cost basis | $ 12 | $ 22 | |
Consumer | Mortgage — Legacy | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 13 | 16 | |
Pre-modification amortized cost basis | $ 1 | $ 2 | |
Post-modification amortized cost basis | $ 1 | $ 2 | |
Consumer | Other | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 2,853 | 113 | |
Pre-modification amortized cost basis | $ 5 | $ 0 | |
Post-modification amortized cost basis | $ 5 | $ 0 | |
Consumer | Credit card receivables | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 2,853 | 113 | |
Pre-modification amortized cost basis | $ 5 | $ 0 | |
Post-modification amortized cost basis | $ 5 | $ 0 | |
Commercial | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 5 | 4 | |
Pre-modification amortized cost basis | $ 461 | $ 39 | |
Post-modification amortized cost basis | $ 466 | $ 39 | |
Commercial | Automotive | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 1 | ||
Pre-modification amortized cost basis | $ 2 | ||
Post-modification amortized cost basis | $ 2 | ||
Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 5 | 1 | |
Pre-modification amortized cost basis | $ 461 | $ 33 | |
Post-modification amortized cost basis | $ 466 | $ 33 | |
Commercial | Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring | |||
Number of loans | loan | 2 | ||
Pre-modification amortized cost basis | $ 4 | ||
Post-modification amortized cost basis | $ 4 |
Finance Receivables and Loan_14
Finance Receivables and Loans, Net (Finance Receivables and Loans Redefaulted During the Period) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | |
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 9,689 | 9,300 |
Amortized cost | $ 146 | $ 119 |
Charge-off amount | $ 95 | $ 61 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 9,688 | 9,300 |
Amortized cost | $ 145 | $ 119 |
Charge-off amount | $ 64 | $ 61 |
Consumer | Automotive | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 9,227 | 9,295 |
Amortized cost | $ 143 | $ 119 |
Charge-off amount | $ 64 | $ 61 |
Consumer | Consumer mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 4 | 5 |
Amortized cost | $ 2 | $ 0 |
Charge-off amount | $ 0 | $ 0 |
Consumer | Mortgage Finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 4 | 1 |
Amortized cost | $ 2 | $ 0 |
Charge-off amount | $ 0 | $ 0 |
Consumer | Mortgage — Legacy | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 4 | |
Amortized cost | $ 0 | |
Charge-off amount | $ 0 | |
Consumer | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 457 | |
Amortized cost | $ 0 | |
Charge-off amount | $ 0 | |
Consumer | Credit Card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 457 | |
Amortized cost | $ 0 | |
Charge-off amount | $ 0 | |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 1 | |
Amortized cost | $ 1 | |
Charge-off amount | $ 31 | |
Commercial | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 1 | |
Amortized cost | $ 1 | |
Charge-off amount | $ 31 |
Finance Receivables and Loan_15
Finance Receivables and Loans, Net (Concentration Risk) (Details) - Consumer - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
California | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 26.40% | ||
Texas | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 26.50% | ||
Automotive | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 100% | 100% | |
Automotive | California | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 8.50% | 8.70% | |
Automotive | Texas | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 13.70% | 13.60% | |
Automotive | Florida | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 9.50% | 9.50% | |
Automotive | Pennsylvania | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 4.50% | 4.50% | |
Automotive | Georgia | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 4.10% | 4.10% | |
Automotive | North Carolina | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 4.30% | 4.10% | |
Automotive | New York | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 3.70% | 3.60% | |
Automotive | Illinois | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 3.30% | 3.50% | |
Automotive | New Jersey | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 3.20% | 3.20% | |
Automotive | Ohio | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 3.40% | 3.40% | |
Automotive | Other United States | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 41.80% | 41.80% | |
Mortgage Finance | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 100% | 100% | |
Mortgage Finance | California | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 39.20% | 38.80% | |
Mortgage Finance | Texas | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 7.30% | 7.30% | |
Mortgage Finance | Florida | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 6.50% | 6.60% | |
Mortgage Finance | Pennsylvania | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 2.10% | 2.10% | |
Mortgage Finance | Georgia | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 2.90% | 2.90% | |
Mortgage Finance | North Carolina | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 1.90% | 1.90% | |
Mortgage Finance | New York | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 1.90% | 1.90% | |
Mortgage Finance | Illinois | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 2.80% | 2.80% | |
Mortgage Finance | New Jersey | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 2.40% | 2.40% | |
Mortgage Finance | Ohio | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 0.40% | 0.40% | |
Mortgage Finance | Other United States | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 32.60% | 32.90% | |
Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value, option, carrying amount, financing receivable, no allowance | $ 3 | $ 7 | |
Other | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 100% | 100% | |
Other | California | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 9.40% | 8.40% | |
Other | Texas | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 7.60% | 7.70% | |
Other | Florida | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 9% | 7.80% | |
Other | Pennsylvania | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 4.20% | 4.60% | |
Other | Georgia | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 3.70% | 3.50% | |
Other | North Carolina | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 2.90% | 4.60% | |
Other | New York | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 5.40% | 4.80% | |
Other | Illinois | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 4.60% | 4.30% | |
Other | New Jersey | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 3.70% | 3.60% | |
Other | Ohio | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 4.50% | 3.60% | |
Other | Other United States | Financing Receivable | Geographic Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 45% | 47.10% |
Finance Receivables and Loan_16
Finance Receivables and Loans, Net (Commercial Concentration Risk) (Details) - Commercial - Commercial real estate - Geographic Concentration Risk - Financing Receivable | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 100% | 100% |
Florida | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 17.60% | 17.90% |
Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 13.60% | 14.90% |
California | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 7.90% | 8.40% |
Ohio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 5.90% | 4.20% |
Michigan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 5.40% | 4.20% |
North Carolina | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 5% | 5.30% |
New York | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 4.50% | 6.30% |
Tennessee | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 3.70% | 1.20% |
Georgia | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 3% | 3.10% |
Missouri | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 2.80% | 2.60% |
Other United States | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 30.60% | 31.90% |
Finance Receivables and Loan_17
Finance Receivables and Loans, Net (Commercial Criticized Risk Exposure) (Details) - Commercial - Industry Concentration Risk - Financing Receivable | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 100% | 100% |
Automotive | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 54% | 53.40% |
Electronics | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 13.40% | 11.90% |
Services | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 12.80% | 6.50% |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 19.80% | 28.20% |
Leasing (Ally as the Lessee) (D
Leasing (Ally as the Lessee) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Noncancelable lease term | 367 days | |
Lease extension, maximum | 48 months | |
Cash paid for amounts included in the measurement of lease liabilities | $ 33 | $ 38 |
Right-of-use asset obtained in exchange for operating lease liability | $ 10 | $ 41 |
Operating lease, weighted-average remaining lease term | 4 years | 5 years |
Operating lease, weighted average discount rate | 2.85% | 2.57% |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease remaining lease term | 2 months | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease remaining lease term | 7 years |
Leasing (Lessee, Operating Leas
Leasing (Lessee, Operating Lease, Liability, Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 34 | |
2025 | 29 | |
2026 | 22 | |
2027 | 17 | |
2028 | 15 | |
2029 and thereafter | 3 | |
Total undiscounted cash flows | 120 | |
Difference between undiscounted cash flows and discounted cash flows | (7) | |
Total lease liability | $ 113 | $ 137 |
Leasing (Lease, Cost) (Details)
Leasing (Lease, Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 29 | $ 33 | $ 46 |
Variable lease expense | 5 | 4 | 7 |
Total lease expense, net | $ 34 | $ 37 | $ 53 |
Leasing (Ally as the Lessor) (D
Leasing (Ally as the Lessor) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Residual value guarantee, percentage | 15% | 15% |
Vehicles | $ 11,101 | $ 12,304 |
Accumulated depreciation | (1,930) | (1,860) |
Investment in operating leases, net | $ 9,171 | 10,444 |
Minimum | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Lessor, term of contract | 24 months | |
Maximum | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Lessor, term of contract | 60 months | |
Vehicles | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Residual value of leased asset | $ 12 | $ 56 |
Leasing (Lessor, Operating Leas
Leasing (Lessor, Operating Lease, Payments to be Received, Maturity) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 1,304 |
2025 | 820 |
2026 | 382 |
2027 | 70 |
2028 | 4 |
Total lease payments from operating leases | $ 2,580 |
Leasing (Depreciation Expense o
Leasing (Depreciation Expense on Operating Lease Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease revenue | $ 1,550 | $ 1,596 | $ 1,550 |
Depreciation expense on operating lease assets (excluding remarketing gains) | 1,071 | 1,084 | 914 |
Remarketing gains, net | (211) | (170) | (344) |
Net depreciation expense on operating lease assets | 860 | 914 | 570 |
Variable lease payments, excessive wear and tear | $ 9 | $ 7 | $ 16 |
Leasing (Sales-type and Direct
Leasing (Sales-type and Direct Financing Leases, Lease Receivable, Maturity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Direct financing lease, net investment in lease | $ 537 | $ 481 |
Direct financing lease, present value of lease payments recorded as lease receivable | 531 | 468 |
Direct financing lease, unguaranteed residual asset | 6 | 13 |
Direct financing lease, interest income | 40 | $ 30 |
2024 | 193 | |
2025 | 163 | |
2026 | 140 | |
2027 | 73 | |
2028 | 33 | |
2029 and thereafter | 11 | |
Total undiscounted cash flows | 613 | |
Difference between undiscounted cash flows and discounted cash flows | (82) | |
Present value of lease payments recorded as lease receivable | $ 531 |
Securitizations and Variable _3
Securitizations and Variable Interest Entities (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Securitizations And Variable Interest Entities [Abstract] | |||
Gain (loss) on sales of financial assets | $ 1,000,000 | $ 1,000,000 | $ 0 |
Investment in qualified affordable housing projects | 1,866,000,000 | 1,596,000,000 | |
Unfunded commitments for investment in qualified affordable housing projects | $ 973,000,000 | $ 869,000,000 | |
Qualified affordable housing project investments, funding commitment period | 5 years |
Securitizations and Variable _4
Securitizations and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Nov. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | ||||
Carrying value of total assets | $ 196,392 | $ 191,826 | $ 182,114 | |
Carrying value of total liabilities | 182,626 | 178,967 | ||
Assets sold to nonconsolidated VIEs | 2,639 | 330 | ||
Maximum exposure to loss in nonconsolidated VIEs | 5,458 | 3,097 | ||
Non-recourse debt | 17,570 | 17,762 | ||
Variable interest entity, deconsolidation of assets | $ 1,700 | |||
Variable interest entity, deconsolidation of liabilities | 1,400 | |||
Proceeds from sale of variable interest entity | $ 247 | |||
Held-to-maturity securities | 4,680 | 1,062 | ||
Other assets | 9,395 | 9,138 | ||
Equity securities | 810 | 681 | ||
On-balance sheet variable interest entities | ||||
Variable Interest Entity [Line Items] | ||||
Carrying value of total assets | 7,075 | 9,856 | ||
Carrying value of total liabilities | 1,513 | 2,441 | ||
Non-recourse debt | 1,509 | 2,436 | ||
Other assets | 461 | 645 | ||
On-balance sheet variable interest entities | Consumer | Automotive | ||||
Variable Interest Entity [Line Items] | ||||
Carrying value of total assets | 16,415 | 20,415 | ||
Carrying value of total liabilities | 1,614 | 2,553 | ||
Assets sold to nonconsolidated VIEs | 0 | 0 | ||
Maximum exposure to loss in nonconsolidated VIEs | 0 | 0 | ||
Assets held-in-trust | 9,300 | 10,600 | ||
On-balance sheet variable interest entities | Consumer | Automotive | Nonrecourse | ||||
Variable Interest Entity [Line Items] | ||||
Non-recourse debt | 100 | 113 | ||
Off-balance sheet variable interest entities | ||||
Variable Interest Entity [Line Items] | ||||
Carrying value of total assets | 19,012 | 22,614 | ||
Carrying value of total liabilities | 2,588 | 3,426 | ||
Off-balance sheet variable interest entities | Consumer | Automotive | ||||
Variable Interest Entity [Line Items] | ||||
Carrying value of total assets | 81 | 0 | ||
Carrying value of total liabilities | 0 | 0 | ||
Assets sold to nonconsolidated VIEs | 2,514 | 227 | ||
Maximum exposure to loss in nonconsolidated VIEs | 2,595 | 227 | ||
Held-to-maturity securities | 78 | |||
Other assets | 3 | |||
Off-balance sheet variable interest entities | Consumer | Other | ||||
Variable Interest Entity [Line Items] | ||||
Carrying value of total assets | 0 | 0 | ||
Carrying value of total liabilities | 0 | 0 | ||
Assets sold to nonconsolidated VIEs | 125 | 103 | ||
Maximum exposure to loss in nonconsolidated VIEs | 125 | 103 | ||
Off-balance sheet variable interest entities | Commercial | Other | ||||
Variable Interest Entity [Line Items] | ||||
Carrying value of total assets | 2,516 | 2,199 | ||
Carrying value of total liabilities | 974 | 873 | ||
Assets sold to nonconsolidated VIEs | 0 | 0 | ||
Maximum exposure to loss in nonconsolidated VIEs | 2,738 | 2,767 | ||
Equity securities | $ 44 | $ 38 |
Securitizations and Variable _5
Securitizations and Variable Interest Entities (Schedule of Cash Flows with Nonconsolidated Special-Purpose Entities) (Details) - Off-balance sheet variable interest entities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | |||
Total | $ 1,280 | $ 389 | $ 4 |
Automotive | Consumer | |||
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | |||
Cash proceeds from transfers completed during the period | 1,131 | 238 | 0 |
Cash flows received on retained interests in securitization entities | 4 | 0 | 0 |
Servicing fees | 19 | 1 | 0 |
Other cash flows | 1 | 0 | 0 |
Consumer other | Consumer | |||
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | |||
Cash proceeds from transfers completed during the period | 117 | 137 | 4 |
Servicing fees | $ 8 | $ 13 | $ 0 |
Securitizations and Variable _6
Securitizations and Variable Interest Entities (Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together) (Details) - Off-balance sheet variable interest entities - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Total amount | $ 2,639 | $ 330 |
Amount 60 days or more past due | 72 | 10 |
Net credit losses | 60 | 2 |
Off-balance-sheet securitization entities | Automotive | Consumer | ||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Total amount | 1,558 | 0 |
Amount 60 days or more past due | 11 | 0 |
Net credit losses | 2 | 0 |
Whole-loan sales | Automotive | Consumer | ||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Total amount | 956 | 227 |
Amount 60 days or more past due | 44 | 2 |
Net credit losses | 27 | 0 |
Whole-loan sales | Consumer other | Consumer | ||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Total amount | 125 | 103 |
Amount 60 days or more past due | 17 | 8 |
Net credit losses | $ 31 | $ 2 |
Securitizations and Variable _7
Securitizations and Variable Interest Entities (Activity in Affordable Housing Program Obligation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Securitizations And Variable Interest Entities [Abstract] | |||
Affordable housing tax credits and other tax benefits | $ 200,000,000 | $ 177,000,000 | $ 144,000,000 |
Tax credit amortization expense recognized as a component of income tax expense | 157,000,000 | 147,000,000 | 118,000,000 |
Affordable housing impairment | $ 0 | $ 0 | $ 0 |
Premiums Receivable and Other_3
Premiums Receivable and Other Insurance Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Premiums Receivable Disclosure [Abstract] | ||
Prepaid reinsurance premiums | $ 580 | $ 553 |
Reinsurance recoverable on unpaid losses | 66 | 72 |
Reinsurance recoverable on paid losses | 38 | 26 |
Premiums receivable | 154 | 114 |
Deferred policy and service contract acquisition costs | 1,911 | 1,933 |
Total premiums receivable and other insurance assets | $ 2,749 | $ 2,698 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Property and equipment at cost | $ 2,153 | $ 2,352 | |
Accumulated depreciation | (871) | (1,076) | |
Net property and equipment | 1,282 | 1,276 | |
Investment in qualified affordable housing projects | 1,866 | 1,596 | |
Net deferred tax assets | 1,224 | 1,087 | |
Accrued interest, fees, and rent receivables | 935 | 786 | |
Nonmarketable equity investments | 886 | 842 | |
Goodwill | 669 | 822 | $ 822 |
Equity-method investments | 651 | 608 | |
Restricted cash held for securitization trusts | 407 | 585 | |
Other accounts receivable | 189 | 164 | |
Operating lease right-of-use assets | 90 | 111 | |
Restricted cash and cash equivalents | 87 | 66 | |
Net intangible assets | 73 | 98 | |
Other assets | 1,036 | 1,097 | |
Total other assets | $ 9,395 | $ 9,138 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets | |
Capitalized software | |||
Finite-Lived Intangible Assets [Line Items] | |||
Property, plant and equipment, disposals | $ 295 | ||
Disposals, accumulated depreciation | $ 295 |
Other Assets (Schedule of Equit
Other Assets (Schedule of Equity Securities without Readily Determinable Fair Value) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Assets [Abstract] | ||
FRB stock | $ 392,000,000 | $ 401,000,000 |
FHLB stock | 392,000,000 | 318,000,000 |
Equity investments without a readily determinable fair value | ||
Cost basis at acquisition | 74,000,000 | 89,000,000 |
Upward adjustments | 51,000,000 | 177,000,000 |
Downward adjustments (including impairment) | (23,000,000) | (143,000,000) |
Carrying amount, equity investments without a readily determinable fair value | 102,000,000 | 123,000,000 |
Nonmarketable equity investments | 886,000,000 | 842,000,000 |
Upward adjustments | 8,000,000 | 1,000,000 |
Downward adjustments (including impairment) | (17,000,000) | (138,000,000) |
Impairment of FHLB and FRB stock | $ 0 | $ 0 |
Other Assets (Schedule of Goodw
Other Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | |||
Goodwill beginning balance | $ 822 | $ 822 | |
Goodwill acquired | 0 | ||
Goodwill impairment | (149) | 0 | $ 0 |
Transfer to assets of operations held-for-sale | (4) | ||
Goodwill ending balance | 669 | 822 | 822 |
Operating Segments | Automotive Finance operations | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 20 | 20 | |
Goodwill acquired | 0 | ||
Goodwill impairment | 0 | ||
Transfer to assets of operations held-for-sale | 0 | ||
Goodwill ending balance | 20 | 20 | 20 |
Operating Segments | Insurance operations | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 27 | 27 | |
Goodwill acquired | 0 | ||
Goodwill impairment | 0 | ||
Transfer to assets of operations held-for-sale | 0 | ||
Goodwill ending balance | 27 | 27 | 27 |
Corporate and Other | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 775 | 775 | |
Goodwill acquired | 0 | ||
Goodwill impairment | (149) | ||
Transfer to assets of operations held-for-sale | (4) | ||
Goodwill ending balance | 622 | 775 | $ 775 |
Ally Credit Card | Corporate and Other | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 479 | ||
Goodwill ending balance | 479 | 479 | |
Ally Invest | Corporate and Other | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 143 | ||
Goodwill ending balance | 143 | 143 | |
Ally Lending | Corporate and Other | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | $ 153 | ||
Goodwill ending balance | $ 153 |
Other Assets (Narrative) (Detai
Other Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||
Gain (loss) on nonmarketable equity investments, net | $ (10) | $ (132) | $ 142 |
Goodwill impairment | 149 | $ 0 | $ 0 |
Transfer to assets of operations held-for-sale | 4 | ||
Corporate and Other | |||
Goodwill [Line Items] | |||
Goodwill impairment | 149 | ||
Transfer to assets of operations held-for-sale | 4 | ||
Corporate and Other | Disposal Group, Held-for-Sale, Not Discontinued Operations | Ally Lending | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 149 |
Other Assets (Intangible Assets
Other Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (112) | $ (109) |
Net carrying value | 73 | |
Total intangible assets, gross | 185 | 207 |
Net intangible assets | 73 | 98 |
Disposal Group, Held-for-Sale, Not Discontinued Operations | Ally Lending | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 22 | |
Accumulated amortization | 22 | |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 117 | 122 |
Accumulated amortization | (64) | (53) |
Net carrying value | 53 | 69 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 41 | 58 |
Accumulated amortization | (39) | (51) |
Net carrying value | 2 | 7 |
Purchased credit card relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 25 | 25 |
Accumulated amortization | (7) | (4) |
Net carrying value | 18 | 21 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 2 | 2 |
Accumulated amortization | (2) | (1) |
Net carrying value | $ 0 | $ 1 |
Other Assets (Future Amortizati
Other Assets (Future Amortization Expense of Intangible Assets) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
2024 | $ 19 |
2025 | 14 |
2026 | 14 |
2027 | 13 |
2028 | 13 |
Net carrying value | $ 73 |
Deposit Liabilities (Schedule o
Deposit Liabilities (Schedule of Deposit Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 139 | $ 185 |
Interest-bearing deposits | ||
Savings, money market, and spending accounts | 99,340 | 110,776 |
Certificates of deposit | 55,187 | 41,336 |
Total deposit liabilities | 154,666 | 152,297 |
Certificates of deposit, in excess of $250,000 federal insurance limits | $ 7,700 | $ 5,600 |
Deposit Liabilities (Time Depos
Deposit Liabilities (Time Deposit Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Due in 2024 | $ 43,450 | |
Due in 2025 | 7,974 | |
Due in 2026 | 1,490 | |
Due in 2027 | 832 | |
Due in 2028 | 1,441 | |
Total certificates of deposit | 55,187 | $ 41,336 |
Certificates of deposit, uninsured | $ 5,300 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | ||
Federal Home Loan Bank | $ 2,550,000,000 | $ 1,900,000,000 |
Securities sold under agreements to repurchase | 747,000,000 | 499,000,000 |
Total short-term borrowings | $ 3,297,000,000 | $ 2,399,000,000 |
Weighted average interest rate | 5.60% | 4.50% |
Repurchase agreements mature | 30 days | |
Cash collateral received | $ 6,000,000 | |
Collateral placed | $ 1,000,000 | |
Non-cash collateral received | 1,000,000 | 0 |
Unsecured debt | ||
Short-term Debt [Line Items] | ||
Federal Home Loan Bank | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Total short-term borrowings | 0 | 0 |
Secured debt | ||
Short-term Debt [Line Items] | ||
Federal Home Loan Bank | 2,550,000,000 | 1,900,000,000 |
Securities sold under agreements to repurchase | 747,000,000 | 499,000,000 |
Total short-term borrowings | 3,297,000,000 | $ 2,399,000,000 |
Secured debt | Agency Mortgage-Backed Residential Debt Securities | ||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | $ 747,000,000 |
Debt (Long-term Debt Schedule)
Debt (Long-term Debt Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 17,570 | $ 17,762 |
Subordinated debt | 1,500 | 1,000 |
Secured debt | 10,443 | 10,124 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Fixed rate | 10,327 | 9,929 |
Hedge basis adjustments | 97 | 108 |
Total long-term debt | $ 10,424 | $ 10,037 |
Weighted average stated interest rate | 6.03% | 5.08% |
Unsecured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.60% | 0.60% |
Unsecured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 8% | 8% |
Secured debt | ||
Debt Instrument [Line Items] | ||
Fixed rate | $ 7,031 | $ 7,603 |
Hedge basis adjustments | 2 | 4 |
Variable rate | 113 | 118 |
Total long-term debt | $ 7,146 | $ 7,725 |
Weighted average stated interest rate | 3.31% | 2.71% |
Variable interest entity debt | $ 1,500 | $ 2,400 |
Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.89% | 0.72% |
Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.29% | 5.29% |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 5,600 | $ 5,300 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | $ 4,340,000,000 | $ 4,418,000,000 |
Long-term debt, due after one year | 13,230,000,000 | 13,344,000,000 |
Long-term debt | 17,570,000,000 | 17,762,000,000 |
Interest Rate Swap | ||
Debt Instrument [Line Items] | ||
Total derivative contracts in a payable position | 0 | 2,500,000,000 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 1,409,000,000 | 2,023,000,000 |
Long-term debt, due after one year | 9,015,000,000 | 8,014,000,000 |
Long-term debt | 10,424,000,000 | 10,037,000,000 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 2,931,000,000 | 2,395,000,000 |
Long-term debt, due after one year | 4,215,000,000 | 5,330,000,000 |
Long-term debt | $ 7,146,000,000 | $ 7,725,000,000 |
Debt (Scheduled Remaining Matur
Debt (Scheduled Remaining Maturity of Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | $ 4,340 | |
Long-term debt, maturities, repayments of principal in year two | 4,315 | |
Long-term debt, maturities, repayments of principal in year three | 1,790 | |
Long-term debt, maturities, repayments of principal in year four | 1,799 | |
Long-term debt, maturities, repayments of principal in year five | 985 | |
Long-term debt, maturities, repayments of principal after year five | 4,341 | |
Total long-term debt | 17,570 | $ 17,762 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 1,409 | |
Long-term debt, maturities, repayments of principal in year two | 2,411 | |
Long-term debt, maturities, repayments of principal in year three | 70 | |
Long-term debt, maturities, repayments of principal in year four | 1,442 | |
Long-term debt, maturities, repayments of principal in year five | 760 | |
Long-term debt, maturities, repayments of principal after year five | 4,332 | |
Total long-term debt | 10,424 | 10,037 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 7,146 | $ 7,725 |
Long-term debt | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 1,477 | |
Long-term debt, maturities, repayments of principal in year two | 2,485 | |
Long-term debt, maturities, repayments of principal in year three | 152 | |
Long-term debt, maturities, repayments of principal in year four | 1,536 | |
Long-term debt, maturities, repayments of principal in year five | 867 | |
Long-term debt, maturities, repayments of principal after year five | 4,738 | |
Total long-term debt | 11,255 | |
Long-term debt | Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 2,931 | |
Long-term debt, maturities, repayments of principal in year two | 1,904 | |
Long-term debt, maturities, repayments of principal in year three | 1,720 | |
Long-term debt, maturities, repayments of principal in year four | 357 | |
Long-term debt, maturities, repayments of principal in year five | 225 | |
Long-term debt, maturities, repayments of principal after year five | 9 | |
Total long-term debt | 7,146 | |
Original issue discount | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount | (831) | |
Original issue discount | Unsecured debt | 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, current | (68) | |
Original issue discount | Unsecured debt | 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (74) | |
Original issue discount | Unsecured debt | 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (82) | |
Original issue discount | Unsecured debt | 2027 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (94) | |
Original issue discount | Unsecured debt | 2028 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (107) | |
Original issue discount | Unsecured debt | 2029 and thereafter | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | $ (406) |
Debt (Pledged Assets Related to
Debt (Pledged Assets Related to Secured Borrowings and Repurchase Agreement) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | $ 69,512 | $ 39,265 |
Secured debt | 10,443 | 10,124 |
Amortized cost | 28,416 | 34,863 |
Short-term borrowings | 3,297 | 2,399 |
Asset Pledged as Collateral | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Amortized cost | 4,030 | 4,288 |
Pledged assets for Federal Home Loan Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 27,900 | 27,000 |
Pledged assets for Federal Reserve Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 34,000 | 2,400 |
Investment securities | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 4,036 | 3,525 |
Consumer | Automotive | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 40,805 | 11,759 |
Consumer | Consumer mortgage | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 18,703 | 19,771 |
Commercial | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | $ 5,968 | $ 4,210 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Unfunded commitments for investment in qualified affordable housing projects | $ 973 | $ 869 | ||
Accounts payable | 509 | 435 | ||
Employee compensation and benefits | 409 | 424 | ||
Reserves for insurance losses and loss adjustment expenses | 140 | 119 | $ 122 | $ 129 |
Operating lease liabilities | 113 | 137 | ||
Deferred revenue | 103 | 169 | ||
Other liabilities | 479 | 495 | ||
Total accrued expenses and other liabilities | $ 2,726 | $ 2,648 | ||
Operating lease, liability, statement of financial position [Extensible Enumeration] | Total accrued expenses and other liabilities | Total accrued expenses and other liabilities |
Equity (Details)
Equity (Details) - shares | 12 Months Ended | |||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2016 | |
Increase (Decrease) In Common Stock [Roll Forward] | ||||||||||
Total common stock shares issued beginning balance (in shares) | 507,682,838 | 504,522,000 | 501,237,000 | |||||||
Employee benefits and compensation plans (in shares) | 4,179,000 | 3,161,000 | 3,284,000 | |||||||
Total common stock shares issued ending balance (in shares) | 511,861,447 | 507,682,838 | 504,522,000 | |||||||
Treasury stock beginning balance (in shares) | (208,358,481) | (166,581,000) | (126,563,000) | |||||||
Repurchase of common stock (in shares) | (1,044,000) | (41,778,000) | (40,018,000) | |||||||
Treasury stock ending balance (in shares) | (209,402,189) | (208,358,481) | (166,581,000) | |||||||
Common stock, shares outstanding (in shares) | 302,459,258 | 299,324,357 | 337,941,000 | 301,630,000 | 301,619,000 | 300,821,000 | 300,335,000 | 312,781,000 | 327,306,000 | 484,000,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - $ / shares | 1 Months Ended | ||
Jun. 30, 2021 | Apr. 30, 2021 | Dec. 31, 2023 | |
Preferred stock dividends — Series B | |||
Class of Stock [Line Items] | |||
Number of shares issued (in shares) | 1,350,000 | 1,350,000 | |
Dividend/coupon rate | 4.70% | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | |
Preferred stock, reset period | five-year | ||
Preferred stock, dividend payment terms | five-year | ||
Trust Preferred Securities, Series 2 | |||
Class of Stock [Line Items] | |||
Dividend/coupon rate | 8.125% | 8.125% | |
Preferred stock dividends — Series C | |||
Class of Stock [Line Items] | |||
Number of shares issued (in shares) | 1,000,000 | 1,000,000 | |
Dividend/coupon rate | 4.70% | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | |
Preferred stock, reset period | seven-year | ||
Preferred stock, dividend payment terms | seven-year |
Equity (Schedule of Preferred S
Equity (Schedule of Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Apr. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||||
Carrying value | $ 2,324 | $ 2,324 | ||
Preferred stock dividends — Series B | ||||
Class of Stock [Line Items] | ||||
Carrying value | $ 1,335 | |||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | ||
Number of shares authorized (in shares) | 1,350,000 | |||
Number of shares issued (in shares) | 1,350,000 | 1,350,000 | ||
Number of shares outstanding (in shares) | 1,350,000 | |||
Dividend/coupon rate | 4.70% | |||
Series B Preferred Stock, Prior To May 15, 2026 | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 4.70% | |||
Series B Preferred Stock, On And After May 15, 2026 | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 3.868% | |||
Preferred stock dividends — Series C | ||||
Class of Stock [Line Items] | ||||
Carrying value | $ 989 | |||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | ||
Number of shares authorized (in shares) | 1,000,000 | |||
Number of shares issued (in shares) | 1,000,000 | 1,000,000 | ||
Number of shares outstanding (in shares) | 1,000,000 | |||
Dividend/coupon rate | 4.70% | |||
Series C Preferred Stock, Prior To May 15, 2028 | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 4.70% | |||
Series C Preferred Stock, On And After May 15, 2028 | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 3.481% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 12,859 | $ 17,050 | $ 14,703 |
Net change | 243 | (3,901) | (789) |
Ending balance | 13,766 | 12,859 | 17,050 |
Accumulated other comprehensive income (loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (4,059) | (158) | 631 |
Net change | 243 | (3,901) | (789) |
Ending balance | (3,816) | (4,059) | (158) |
Available-for-sale securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (4,095) | (95) | 640 |
Net change | 949 | (4,000) | (735) |
Ending balance | (3,146) | (4,095) | (95) |
Held-to-maturity securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Net change | (682) | 0 | 0 |
Ending balance | (682) | 0 | 0 |
Translation adjustments and net investment hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 18 | 19 | 19 |
Net change | 3 | (1) | 0 |
Ending balance | 21 | 18 | 19 |
Cash flow hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 18 | 35 | 82 |
Net change | (27) | (17) | (47) |
Ending balance | (9) | 18 | 35 |
Defined benefit pension plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | (117) | (110) |
Net change | 0 | 117 | (7) |
Ending balance | $ 0 | $ 0 | $ (117) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Narrative) (Details) - Defined benefit pension plans - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net realized losses reclassified to income from continuing operations, net of tax | $ 115 | $ 1 |
Net realized losses reclassified to income from continuing operations, before tax | 71 | 1 |
Net realized gains reclassified to income from continuing operations, tax | 44 | $ 0 |
Stranded tax effects | $ 61 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss (Reclassification Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax | $ 314 | $ (5,197) | $ (1,032) |
Other comprehensive income (loss), tax effect | (71) | 1,296 | 243 |
Other comprehensive income (loss), net of tax | 243 | (3,901) | (789) |
Available-for-sale securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gains (losses) arising during the period, before tax | 338 | (5,222) | (859) |
Net unrealized gains (losses) arising during the period, tax | (78) | 1,240 | 203 |
Net unrealized gains (losses) arising during the period, net of tax | 260 | (3,982) | (656) |
Reclassification from AOCI, before tax | 5 | 23 | 102 |
Reclassification from AOCI, tax | (1) | (5) | (23) |
Reclassification from AOCI, net of tax | 4 | 18 | 79 |
Other comprehensive income (loss), before tax | 1,244 | (5,245) | (961) |
Other comprehensive income (loss), tax effect | (295) | 1,245 | 226 |
Other comprehensive income (loss), net of tax | 949 | (4,000) | (735) |
Available for sale, transferred to held to maturity, parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gains (losses) arising during the period, before tax | 911 | ||
Net unrealized gains (losses) arising during the period, tax | (218) | ||
Net unrealized gains (losses) arising during the period, net of tax | 693 | ||
Held-to-maturity securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gains (losses) arising during the period, before tax | (911) | ||
Net unrealized gains (losses) arising during the period, tax | 218 | ||
Net unrealized gains (losses) arising during the period, net of tax | (693) | ||
Reclassification from AOCI, before tax | (14) | ||
Reclassification from AOCI, tax | 3 | ||
Reclassification from AOCI, net of tax | (11) | ||
Other comprehensive income (loss), before tax | (897) | ||
Other comprehensive income (loss), tax effect | 215 | ||
Other comprehensive income (loss), net of tax | (682) | ||
Translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax | 6 | (10) | |
Other comprehensive income (loss), tax effect | (1) | 2 | |
Other comprehensive income (loss), net of tax | 5 | (8) | |
Net investment hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax | (3) | 8 | |
Other comprehensive income (loss), tax effect | 1 | (1) | |
Other comprehensive income (loss), net of tax | (2) | 7 | |
Cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gains (losses) arising during the period, before tax | (22) | (2) | |
Net unrealized gains (losses) arising during the period, tax | 6 | 0 | |
Net unrealized gains (losses) arising during the period, net of tax | (16) | (2) | |
Reclassification from AOCI, before tax | 14 | 21 | 61 |
Reclassification from AOCI, tax | (3) | (6) | (14) |
Reclassification from AOCI, net of tax | 11 | 15 | 47 |
Other comprehensive income (loss), before tax | (36) | (23) | |
Other comprehensive income (loss), tax effect | 9 | 6 | |
Other comprehensive income (loss), net of tax | (27) | (17) | (47) |
Defined benefit pension plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gains (losses) arising during the period, before tax | 2 | (11) | |
Net unrealized gains (losses) arising during the period, tax | 0 | 3 | |
Net unrealized gains (losses) arising during the period, net of tax | 2 | (8) | |
Reclassification from AOCI, before tax | (71) | (1) | |
Reclassification from AOCI, tax | (44) | 0 | |
Reclassification from AOCI, net of tax | (115) | (1) | |
Other comprehensive income (loss), before tax | 73 | (10) | |
Other comprehensive income (loss), tax effect | 44 | 3 | |
Other comprehensive income (loss), net of tax | $ 0 | $ 117 | $ (7) |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Class of Stock [Line Items] | ||||
Net income from continuing operations | [1] | $ 1,022 | $ 1,715 | $ 3,065 |
Net income from continuing operations attributable to common stockholders | [1] | 912 | 1,605 | 3,008 |
Loss from discontinued operations, net of tax | [1] | (2) | (1) | (5) |
Net income attributable to common stockholders | [1] | $ 910 | $ 1,604 | $ 3,003 |
Basic weighted-average common shares outstanding (in shares) | [1],[2] | 303,751 | 316,690 | 362,583 |
Diluted weighted-average common shares outstanding (in shares) | [1],[2] | 305,135 | 318,629 | 365,180 |
Basic earnings per common share | ||||
Net income from continuing operations (in dollars per share) | [1] | $ 3 | $ 5.07 | $ 8.30 |
Loss from discontinued operations, net of tax (in dollars per share) | [1] | (0.01) | 0 | (0.01) |
Net income (in dollars per share) | [1] | 3 | 5.06 | 8.28 |
Diluted earnings per common share | ||||
Net income from continuing operations (in dollars per share) | [1] | 2.99 | 5.04 | 8.24 |
Loss from discontinued operations, net of tax (in dollars per share) | [1] | (0.01) | 0 | (0.01) |
Net income (in dollars per share) | [1] | $ 2.98 | $ 5.03 | $ 8.22 |
Preferred stock dividends — Series B | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends | [1] | $ (63) | $ (63) | $ (36) |
Preferred stock dividends — Series C | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends | [1] | $ (47) | $ (47) | $ (21) |
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. Includes shares related to share-based compensation that vested but were not yet issued. |
Regulatory Capital and Other _3
Regulatory Capital and Other Regulatory Matters (Schedule of Regulatory Capital Amount and Ratios) (Details) $ in Millions | Dec. 31, 2023 USD ($) | Jul. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 USD ($) | Aug. 31, 2022 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Common equity tier one capital ratio, minimum | 0.045 | ||||
Tier one capital to risk-weighted assets, required minimum | 0.06 | ||||
Capital to risk-weighted assets, required minimum | 0.08 | ||||
Minimum capital conservation buffer | 0.025 | ||||
Accumulated other comprehensive losses excluded from Common Equity Tier 1 Capital | $ 3,800 | $ 4,100 | |||
Brokered deposits | $ 11,000 | ||||
Percentage of interest-bearing domestic deposits to deposits, brokered | 7.10% | ||||
Common equity tier one capital | $ 15,129 | $ 14,592 | |||
Common equity tier one capital ratio | 0.0936 | 0.0927 | |||
Tier one capital to risk-weighted assets, amount | $ 17,392 | $ 16,867 | |||
Tier one capital to risk-weighted assets, ratio | 0.1076 | 0.1072 | |||
Tier one capital to risk-weighted assets, well-capitalized minimum | 0.0600 | ||||
Capital to risk-weighted assets, amount | $ 20,055 | $ 19,209 | |||
Capital to risk-weighted assets, ratio | 0.1241 | 0.1221 | |||
Capital to risk weighted assets, well-capitalized minimum | 0.1000 | ||||
Tier one leverage to adjusted quarterly average assets, amount | $ 17,392 | $ 16,867 | |||
Tier one leverage to adjusted quarterly average assets, ratio | 0.0867 | 0.0865 | |||
Tier one leverage ratio, minimum | 0.04 | ||||
Accounting Standards Update 2016-13 | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Deferred reduction to Common Equity Tier 1 Capital from CECL | $ 591 | ||||
Ally Financial Inc | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Minimum capital conservation buffer | 0.025 | 0.025 | 0.025 | 0.025 | 0.025 |
Ally Bank | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Common equity tier one capital ratio, minimum | 0.0450 | ||||
Tier one capital to risk-weighted assets, required minimum | 0.0600 | ||||
Capital to risk-weighted assets, required minimum | 0.0800 | ||||
Common equity tier one capital | $ 17,217 | $ 17,011 | |||
Common equity tier one capital ratio | 0.1124 | 0.1138 | |||
Common equity tier one capital, well capitalized minimum | 0.0650 | ||||
Tier one capital to risk-weighted assets, amount | $ 17,217 | $ 17,011 | |||
Tier one capital to risk-weighted assets, ratio | 0.1124 | 0.1138 | |||
Tier one capital to risk-weighted assets, well-capitalized minimum | 0.0800 | ||||
Capital to risk-weighted assets, amount | $ 19,144 | $ 18,888 | |||
Capital to risk-weighted assets, ratio | 0.1250 | 0.1264 | |||
Capital to risk weighted assets, well-capitalized minimum | 0.1000 | ||||
Tier one leverage to adjusted quarterly average assets, amount | $ 17,217 | $ 17,011 | |||
Tier one leverage to adjusted quarterly average assets, ratio | 0.0907 | 0.0923 | |||
Tier one leverage ratio, minimum | 0.0400 | ||||
Tier one leverage to adjusted quarterly average assets, well-capitalized minimum | 0.0500 |
Regulatory Capital and Other _4
Regulatory Capital and Other Regulatory Matters (Common Share Repurchases) (Details) | 3 Months Ended | 12 Months Ended | 90 Months Ended | ||||||||||||||||
Jan. 11, 2024 $ / shares | Dec. 31, 2023 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2023 $ / shares shares | Jul. 31, 2023 | Feb. 28, 2023 USD ($) | Aug. 31, 2022 | Jan. 10, 2022 USD ($) | Jun. 30, 2016 shares | ||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.25 | $ 0.30 | |||||||
Stock repurchased during period, value | $ 4,000,000 | $ 0 | $ 2,000,000 | $ 27,000,000 | $ 51,000,000 | $ 415,000,000 | $ 600,000,000 | $ 584,000,000 | |||||||||||
Common stock, share reduction | 37% | ||||||||||||||||||
Common stock, shares outstanding (in shares) | shares | 302,459,258 | 301,630,000 | 301,619,000 | 300,821,000 | 299,324,357 | 300,335,000 | 312,781,000 | 327,306,000 | 302,459,258 | 299,324,357 | 337,941,000 | 302,459,258 | 484,000,000 | ||||||
Minimum capital conservation buffer | 0.025 | 0.025 | 0.025 | ||||||||||||||||
Stock repurchased during period, number of shares (in share) | shares | 145,000 | 5,000 | 58,000 | 836,000 | 1,731,000 | 12,468,000 | 15,031,000 | 12,548,000 | |||||||||||
Cash dividends declared per common share (in dollars per share) | $ / shares | [1] | $ 1.20 | $ 1.20 | $ 0.88 | |||||||||||||||
Subsequent event | |||||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||||
Cash dividends declared per common share (in dollars per share) | $ / shares | $ 0.30 | ||||||||||||||||||
Ally Financial Inc | |||||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||||
Minimum capital conservation buffer | 0.025 | 0.025 | 0.025 | 0.025 | 0.025 | 0.025 | 0.025 | 0.025 | |||||||||||
Unsecured debt | |||||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||||
Proceeds from issuance of subordinated long-term debt | $ 500,000,000 | ||||||||||||||||||
Common stock | |||||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | ||||||||||||||||||
Stock repurchased during period, value | $ 0 | $ 1,650,000,000 | |||||||||||||||||
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
Regulatory Capital and Other _5
Regulatory Capital and Other Regulatory Matters (Depository Institutions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total assets | $ 196,392 | $ 191,826 | $ 182,114 |
Statutory accounting practices, statutory amount available for dividend payments | 112 | ||
Ally Bank | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total assets | 186,100 | 181,900 | |
Payments of dividends | $ 1,400 | $ 3,200 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral placed with counterparties | $ 6 | $ 2 |
Noncash collateral placed with counterparties | 642 | 384 |
Cash collateral received from counterparties | $ 31 | $ 23 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Fair Value Amounts of Derivative Instruments Reported on our Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
receivable position | $ 33 | $ 23 |
payable position | 17 | 42 |
Notional amount | 44,468 | 33,833 |
Credit derivative, maximum exposure, undiscounted | 29 | 82 |
Total derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 31 | 22 |
payable position | 6 | 1 |
Notional amount | 42,251 | 33,570 |
Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 2 | 1 |
payable position | 11 | 41 |
Notional amount | 2,217 | 263 |
Interest rate contracts | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 2 | 0 |
payable position | 0 | 0 |
Notional amount | 2,158 | 116 |
Swaps | Total derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 0 | 0 |
Notional amount | 35,835 | 30,619 |
Swaps | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 0 | 0 |
Notional amount | 2,000 | 0 |
Purchased options | Total derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 31 | 22 |
payable position | 0 | 0 |
Notional amount | 6,250 | 2,800 |
Forwards | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 0 | 0 |
Notional amount | 70 | 37 |
Written options | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 2 | 0 |
payable position | 0 | 0 |
Notional amount | 88 | 79 |
Foreign exchange contracts | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 1 | 1 |
Notional amount | 59 | 147 |
Forwards | Total derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 6 | 1 |
Notional amount | 166 | 151 |
Forwards | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 1 | 1 |
Notional amount | 59 | 147 |
Other credit derivatives | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 10 | 39 |
Equity contracts | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 1 |
payable position | 0 | 1 |
Notional amount | 0 | 0 |
Written options | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 0 | 1 |
Notional amount | 0 | 0 |
Purchased options | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 1 |
payable position | 0 | 0 |
Notional amount | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, fair value hedge | $ 7,750 | $ 7,697 |
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt |
Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, fair value hedge | $ 16,302 | $ 11,265 |
Hedged asset, fair value hedge, cumulative increase (decrease) | (79) | (180) |
Closed portfolio and beneficial interest, last-of-layer, amortized cost | 14,800 | 10,000 |
Amortized cost | 14,600 | 9,700 |
Basis adjustment for active hedge | (45) | (135) |
Hedged asset, last-of-layer, amount | $ 11,300 | $ 4,000 |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Available-for-sale securities (amortized cost of $28,416 and $34,863) | Available-for-sale securities (amortized cost of $28,416 and $34,863) |
Available-for-sale securities | Total derivatives designated as accounting hedges | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Basis adjustment for active hedge | $ 75 | $ 3 |
Finance receivables and loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, fair value hedge | 54,189 | 46,390 |
Hedged asset, fair value hedge, cumulative increase (decrease) | (93) | (617) |
Basis adjustment for active hedge | (93) | (617) |
Hedged asset, last-of-layer, amount | 23,200 | 22,800 |
Closed portfolio, carrying value | $ 50,000 | $ 46,100 |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Finance receivables and loans, net | Finance receivables and loans, net |
Finance receivables and loans, net | Total derivatives designated as accounting hedges | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Basis adjustment for active hedge | $ (66) | $ (560) |
Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, fair value hedge, cumulative increase (decrease) | 100 | 112 |
Discontinued hedge | Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) | (156) | (181) |
Basis adjustment for active hedge | (120) | (138) |
Discontinued hedge | Finance receivables and loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) | (27) | (57) |
Basis adjustment for active hedge | (27) | (57) |
Discontinued hedge | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, discontinued fair value hedge, cumulative increase (decrease) | $ 100 | $ 120 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Statement of Gains and Losses on Derivative Instruments Reported in Statement of Comprehensive Income) (Details) - Total derivatives not designated as accounting hedges - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized in earnings | $ 1 | $ 28 | $ (29) |
Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized in earnings | 17 | 22 | (4) |
Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized in earnings | 0 | 8 | (1) |
Other credit derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized in earnings | (5) | (2) | (24) |
Equity contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized in earnings | (11) | 0 | 0 |
Gain (loss) on mortgage and automotive loans, net | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized in earnings | 18 | 14 | (12) |
Other income, net of losses | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized in earnings | (1) | 8 | 8 |
Other income, net of losses | Other credit derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized in earnings | (5) | (2) | (24) |
Other income, net of losses | Equity contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized in earnings | (11) | 0 | 0 |
Other operating expenses | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) recognized in earnings | $ 0 | $ 8 | $ (1) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Derivative Instruments Designated as Fair Value Hedges, Gain (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest and fees on finance receivables and loans | $ 11,020 | $ 8,099 | $ 6,468 |
Interest and dividends on investment securities and other earning assets | 1,022 | 841 | 600 |
Interest on deposits | 5,819 | 1,987 | 1,045 |
Interest on long-term debt | 1,001 | 763 | 860 |
Loss on cash flow hedges to be recognized within twelve months | 12 | ||
Total derivatives designated as accounting hedges | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain on fair value hedging relationships | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 14 | 21 | 62 |
Total derivatives designated as accounting hedges | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain on fair value hedging relationships | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain on fair value hedging relationships | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | 0 | (1) |
Total derivatives designated as accounting hedges | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain on fair value hedging relationships | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | (1) | 0 |
Total derivatives designated as accounting hedges | Unsecured debt | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Unsecured debt | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Unsecured debt | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Unsecured debt | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 1 | 1 | 68 |
Change in unrealized gain (loss) on fair value hedging instruments | (1) | (1) | (68) |
Total derivatives designated as accounting hedges | Hedged fixed-rate FHLB advances | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged fixed-rate FHLB advances | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged fixed-rate FHLB advances | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged fixed-rate FHLB advances | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | (5) | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 5 | 0 |
Total derivatives designated as accounting hedges | Hedged available-for-sale securities | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged available-for-sale securities | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 76 | (185) | (40) |
Change in unrealized gain (loss) on fair value hedging instruments | (76) | 185 | 40 |
Total derivatives designated as accounting hedges | Hedged available-for-sale securities | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged available-for-sale securities | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Fixed-rate automotive loans | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 491 | (599) | (215) |
Change in unrealized gain (loss) on fair value hedging instruments | (491) | 599 | 215 |
Total derivatives designated as accounting hedges | Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Fixed-rate automotive loans | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Fixed-rate automotive loans | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged variable rate borrowings | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged variable rate borrowings | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged variable rate borrowings | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | (1) |
Total derivatives designated as accounting hedges | Hedged variable rate borrowings | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged variable-rate commercial loans | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 14 | 21 | 58 |
Total derivatives designated as accounting hedges | Hedged variable-rate commercial loans | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged variable-rate commercial loans | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged variable-rate commercial loans | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Reclassified from accumulated other comprehensive loss into income as a result of a forecasted transaction being probable not to occur | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 4 |
Total derivatives designated as accounting hedges | Reclassified from accumulated other comprehensive loss into income as a result of a forecasted transaction being probable not to occur | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Reclassified from accumulated other comprehensive loss into income as a result of a forecasted transaction being probable not to occur | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Reclassified from accumulated other comprehensive loss into income as a result of a forecasted transaction being probable not to occur | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Other hedged forecasted transactions | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Other hedged forecasted transactions | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Other hedged forecasted transactions | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Other hedged forecasted transactions | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge loss reclassified to earnings | $ 0 | $ (1) | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Interest and Amortization on Derivative Instruments) (Details) - Total derivatives designated as accounting hedges - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) on fair value hedging relationships | $ 648 | $ 147 | $ (168) |
Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) on fair value hedging relationships | 157 | 16 | (10) |
Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) on fair value hedging relationships | 11 | 3 | (4) |
Unsecured debt | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Unsecured debt | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Unsecured debt | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 9 | 5 | 4 |
Gain (loss) on interest for qualifying hedge | 0 | 1 | 5 |
Federal Home Loan Bank certificates and obligations | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Federal Home Loan Bank certificates and obligations | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Federal Home Loan Bank certificates and obligations | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 2 | (3) | (13) |
Hedged available-for-sale securities | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Hedged available-for-sale securities | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 23 | 17 | (4) |
Gain (loss) on interest for qualifying hedge | 134 | (1) | (6) |
Hedged available-for-sale securities | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Fixed-rate automotive loans | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 32 | 18 | (46) |
Gain (loss) on interest for qualifying hedge | 616 | 129 | (122) |
Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Fixed-rate automotive loans | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities (Derivative Instruments Used in Net Investment Hedge Accounting Relationships) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest rate contracts | Cash flow hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss recognized in other comprehensive income (loss) | $ (36,000,000) | $ (23,000,000) | $ (61,000,000) |
Foreign exchange contracts | Net investment hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) gain recognized in other comprehensive income (loss) | (3,000,000) | 8,000,000 | 0 |
Amounts excluded from effectiveness testing | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | $ 0 | $ 0 | $ 0 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current income tax expense | |||
U.S. federal | $ 85 | $ 1 | $ 502 |
Foreign | 5 | 3 | 4 |
State and local | 36 | 9 | 168 |
Total current expense | 126 | 13 | 674 |
Deferred income tax (benefit) expense | |||
U.S. federal | (57) | 493 | 151 |
Foreign | (1) | (1) | 0 |
State and local | (7) | 61 | (35) |
Total deferred (benefit) expense | (65) | 553 | 116 |
Other tax expense | 0 | 61 | 0 |
Total income tax expense from continuing operations | $ 61 | $ 627 | $ 790 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal tax expense | $ 227 | $ 492 | $ 810 |
Tax credits, excluding expirations | (133) | (73) | (58) |
Valuation allowance change, excluding expirations | (91) | 54 | (78) |
Nondeductible expenses | 44 | 31 | 30 |
Unrecognized tax benefits | 38 | (4) | 0 |
Tax law enactment | (18) | 0 | (1) |
State and local income taxes, net of federal income tax benefit | (4) | 77 | 106 |
Settlement of qualified defined benefit pension plan | 0 | 61 | 0 |
Other, net | (2) | (11) | (19) |
Total income tax expense from continuing operations | $ 61 | $ 627 | $ 790 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Credit Carryforward [Line Items] | |||
Change in tax resulting from tax credits, excluding expirations | $ 133,000,000 | $ 73,000,000 | $ 58,000,000 |
Net deferred tax assets (liabilities), net of deferred tax (liabilities) assets | 1,213,000,000 | 1,071,000,000 | |
Alternative minimum tax liability | 128,000,000 | ||
Deferred tax assets, tax credit carryforwards, alternative minimum tax | 128,000,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 75,000,000 | 36,000,000 | 42,000,000 |
Unrecognized tax benefits, income tax penalties and interest accrued | 6,000,000 | 3,000,000 | 1,000,000 |
Unrecognized tax benefits, income tax penalties and interest expense | 3,000,000 | 1,000,000 | |
Unrecognized tax benefits, income tax penalties expense | 2,000,000 | ||
Decrease in unrecognized tax benefits is reasonably possible | 78,000,000 | ||
Rehabilitation Tax Credit Benefits | |||
Tax Credit Carryforward [Line Items] | |||
Change in tax resulting from tax credits, excluding expirations | 4,000,000 | 4,000,000 | 4,000,000 |
Net deferred tax assets (liabilities), net of deferred tax (liabilities) assets | 0 | 4,000,000 | 0 |
Energy Tax Credit Benefits | |||
Tax Credit Carryforward [Line Items] | |||
Change in tax resulting from tax credits, excluding expirations | 1,000,000 | 1,000,000 | 1,000,000 |
Net deferred tax assets (liabilities), net of deferred tax (liabilities) assets | 0 | $ 1,000,000 | $ 0 |
Clean Vehicle Tax Credit Benefit | |||
Tax Credit Carryforward [Line Items] | |||
Change in tax resulting from tax credits, excluding expirations | 99,000,000 | ||
Net deferred tax assets (liabilities), net of deferred tax (liabilities) assets | $ 99,000,000 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Tax Assets, Gross [Abstract] | ||
Adjustments to securities and hedging transactions | $ 1,066 | $ 1,095 |
Adjustments to loan value | 569 | 822 |
Tax credit carryforwards | 500 | 960 |
State and local taxes | 305 | 310 |
Fixed assets | 165 | 101 |
U.S. federal tax loss carryforwards | 8 | 428 |
Other | 418 | 369 |
Gross deferred tax assets | 3,031 | 4,085 |
Valuation allowance | (176) | (644) |
Deferred tax assets, net of valuation allowance | 2,855 | 3,441 |
Deferred tax liabilities | ||
Lease transactions | 1,134 | 1,831 |
Deferred acquisition costs | 387 | 394 |
Other | 121 | 145 |
Gross deferred tax liabilities | 1,642 | 2,370 |
Net deferred tax assets | 1,213 | 1,071 |
Deferred tax asset | 808 | 1,000 |
Release of valuation allowance | 468 | |
Net deferred tax assets | 1,224 | 1,087 |
Net deferred tax liabilities | 10 | $ 16 |
Foreign Tax Credit Carryforwards | ||
Deferred tax liabilities | ||
Release of valuation allowance | 359 | |
Tax Planning Strategy | ||
Deferred tax liabilities | ||
Release of valuation allowance | $ 109 |
Income Taxes (Schedule of Valua
Income Taxes (Schedule of Valuation Allowance) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Valuation Allowance [Line Items] | ||
Tax credit carryforwards, Deferred tax asset (liability) | $ 500 | $ 960 |
Tax credit carryforwards, valuation allowance | (41) | |
Tax credit carryforwards, net deferred tax asset (liability) | 459 | |
Total U.S. federal and state tax loss carryforwards, deferred tax asset (liability) | 179 | |
Total U.S. federal and state tax loss carryforwards, Valuation allowance | (135) | |
Total U.S. federal and state tax loss carryforwards, net deferred tax asset (liability) | 44 | |
Other net deferred tax assets | 710 | |
Other net deferred tax assets, valuation allowance | 0 | |
Net deferred tax assets (liabilities), Deferred tax asset (liability) | 1,389 | |
Net deferred tax assets (liabilities), valuation allowance | (176) | (644) |
Net deferred tax assets (liabilities), net of deferred tax (liabilities) assets | 1,213 | $ 1,071 |
General business credits | ||
Valuation Allowance [Line Items] | ||
Tax credit carryforwards, Deferred tax asset (liability) | 236 | |
Tax credit carryforwards, valuation allowance | 0 | |
Tax credit carryforwards, net deferred tax asset (liability) | 236 | |
Foreign tax credits | ||
Valuation Allowance [Line Items] | ||
Tax credit carryforwards, Deferred tax asset (liability) | 136 | |
Tax credit carryforwards, valuation allowance | (41) | |
Tax credit carryforwards, net deferred tax asset (liability) | 95 | |
CAMT credits | ||
Valuation Allowance [Line Items] | ||
Tax credit carryforwards, Deferred tax asset (liability) | 128 | |
Tax credit carryforwards, valuation allowance | 0 | |
Tax credit carryforwards, net deferred tax asset (liability) | 128 | |
State | ||
Valuation Allowance [Line Items] | ||
Tax loss carryforwards, deferred tax asset (liability) | 171 | |
Tax loss carryforwards, valuation allowance | (135) | |
Tax loss carryforwards, net deferred tax asset (liability) | 36 | |
Federal | ||
Valuation Allowance [Line Items] | ||
Tax loss carryforwards, deferred tax asset (liability) | 8 | |
Tax loss carryforwards, valuation allowance | 0 | |
Tax loss carryforwards, net deferred tax asset (liability) | $ 8 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 46 | $ 53 | $ 53 |
Additions based on tax positions related to the current year | 0 | 0 | 0 |
Additions for tax positions of prior years | 48 | 2 | 7 |
Reductions for tax positions of prior years | (2) | (2) | (7) |
Settlements | (1) | (7) | 0 |
Expiration of statute of limitations | 0 | 0 | 0 |
Balance at December 31 | $ 91 | $ 46 | $ 53 |
Share-based Compensation Plan_2
Share-based Compensation Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant (in shares) | 35,600 | ||
Performance Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding (in shares) | 6,700 | ||
Number of units | |||
Outstanding non-vested at December 31 (in shares) | 6,700 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding (in shares) | 400 | ||
Number of units | |||
Outstanding non-vested at December 31 (in shares) | 400 | ||
Restricted Stock Units (RSUs) | Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 33.33% | ||
Restricted Stock Units (RSUs) | Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 33.33% | ||
Restricted Stock Units (RSUs) | Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 33.33% | ||
Restricted Stock Units (RSUs) and Performance Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding (in shares) | 6,695 | 5,088 | |
Share-based payment arrangement, expense | $ 127 | $ 100 | $ 140 |
Number of units | |||
Outstanding non-vested at January 1 (in shares) | 5,088 | ||
Granted (in shares) | 5,314 | ||
Vested (in shares) | (3,291) | ||
Forfeited (in shares) | (416) | ||
Outstanding non-vested at December 31 (in shares) | 6,695 | 5,088 | |
Weighted-average grant date fair value per share | |||
Outstanding non-vested at January 1 (in dollars per share) | $ 40.83 | ||
Granted (in dollars per share) | 29.91 | ||
Vested (in dollars per share) | 34.60 | ||
Forfeited (in dollars per share) | 34.56 | ||
Outstanding non-vested at December 31 (in dollars per share) | $ 35.68 | $ 40.83 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements - Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 810 | $ 681 |
Total available-for-sale securities | $ 24,415 | 29,541 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Finance receivables and loans, net | |
Derivative contracts in a receivable position | $ 33 | $ 23 |
Investment in any one industry did not exceed percentage | 11% | 15% |
Carrying amount, equity investments without a readily determinable fair value | $ 102 | $ 123 |
Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 24,415 | 29,541 |
Mortgage loans held-for-sale, fair value | 25 | 13 |
Derivative contracts in a receivable position | 33 | 23 |
Total assets | 25,239 | 30,223 |
Total derivative contracts in a payable position | 17 | 42 |
Total liabilities | 17 | 42 |
Fair value, measurements, recurring | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 7 | 2 |
Fair value, measurements, recurring | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 10 | 39 |
Fair value, measurements, recurring | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 1 | |
Fair value, measurements, recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 766 | 643 |
Carrying amount, equity investments without a readily determinable fair value | 44 | 38 |
Fair value, measurements, recurring | U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,075 | 2,016 |
Fair value, measurements, recurring | U.S. States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 658 | 760 |
Fair value, measurements, recurring | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 183 | 146 |
Fair value, measurements, recurring | Agency mortgage-backed residential | Residential Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 15,384 | 16,633 |
Fair value, measurements, recurring | Agency mortgage-backed residential | Commercial Loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,758 | 3,535 |
Fair value, measurements, recurring | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 225 | 4,299 |
Fair value, measurements, recurring | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 332 | 433 |
Fair value, measurements, recurring | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1,800 | 1,719 |
Fair value, measurements, recurring | Consumer other | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 3 | |
Fair value, measurements, recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | 33 | 22 |
Fair value, measurements, recurring | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | 1 | |
Fair value, measurements, recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,126 | 2,055 |
Mortgage loans held-for-sale, fair value | 0 | 0 |
Derivative contracts in a receivable position | 0 | 1 |
Total assets | 2,891 | 2,698 |
Total derivative contracts in a payable position | 0 | 1 |
Total liabilities | 0 | 1 |
Fair value, measurements, recurring | Level 1 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 1 | |
Fair value, measurements, recurring | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 765 | 642 |
Fair value, measurements, recurring | Level 1 | U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,075 | 2,016 |
Fair value, measurements, recurring | Level 1 | U.S. States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 51 | 39 |
Fair value, measurements, recurring | Level 1 | Agency mortgage-backed residential | Residential Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Agency mortgage-backed residential | Commercial Loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Consumer other | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | |
Fair value, measurements, recurring | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | 1 | |
Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 22,280 | 27,482 |
Mortgage loans held-for-sale, fair value | 25 | 13 |
Derivative contracts in a receivable position | 31 | 22 |
Total assets | 22,336 | 27,517 |
Total derivative contracts in a payable position | 7 | 2 |
Total liabilities | 7 | 2 |
Fair value, measurements, recurring | Level 2 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 7 | 2 |
Fair value, measurements, recurring | Level 2 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | 0 |
Fair value, measurements, recurring | Level 2 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | |
Fair value, measurements, recurring | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Fair value, measurements, recurring | Level 2 | U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 2 | U.S. States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 649 | 756 |
Fair value, measurements, recurring | Level 2 | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 132 | 107 |
Fair value, measurements, recurring | Level 2 | Agency mortgage-backed residential | Residential Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 15,384 | 16,633 |
Fair value, measurements, recurring | Level 2 | Agency mortgage-backed residential | Commercial Loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,758 | 3,535 |
Fair value, measurements, recurring | Level 2 | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 225 | 4,299 |
Fair value, measurements, recurring | Level 2 | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 332 | 433 |
Fair value, measurements, recurring | Level 2 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1,800 | 1,719 |
Fair value, measurements, recurring | Level 2 | Consumer other | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | |
Fair value, measurements, recurring | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | 31 | 22 |
Fair value, measurements, recurring | Level 2 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | 0 | |
Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 9 | 4 |
Mortgage loans held-for-sale, fair value | 0 | 0 |
Derivative contracts in a receivable position | 2 | 0 |
Total assets | 12 | 8 |
Total derivative contracts in a payable position | 10 | 39 |
Total liabilities | 10 | 39 |
Fair value, measurements, recurring | Level 3 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 10 | 39 |
Fair value, measurements, recurring | Level 3 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | |
Fair value, measurements, recurring | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 1 | 1 |
Fair value, measurements, recurring | Level 3 | U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | U.S. States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 9 | 4 |
Fair value, measurements, recurring | Level 3 | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Agency mortgage-backed residential | Residential Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Agency mortgage-backed residential | Commercial Loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Consumer other | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 3 | |
Fair value, measurements, recurring | Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | $ 2 | 0 |
Fair value, measurements, recurring | Level 3 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | $ 0 |
Fair Value (Fair Value Measur_2
Fair Value (Fair Value Measurements - Reconciliation of Level 3 Assets And Liabilities) (Details) - Fair value, measurements, recurring - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative liabilities, net of derivative assets | ||
Net unrealized losses still held at December 31, | ||
Included in OCI | $ 0 | $ 0 |
Liabilities | ||
Fair value at beginning of the period | 39 | 53 |
Net realized/unrealized gains | ||
Included in earnings | (11) | (5) |
Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (34) | (19) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 14 | 10 |
Fair value at ending of the period | 8 | 39 |
Net unrealized gains still held at December 31, | ||
Included in earnings | (7) | (11) |
Included in OCI | 0 | 0 |
Equity securities | ||
Assets | ||
Fair value at beginning of the period | 1 | 9 |
Net realized/unrealized gains (losses) | ||
Included in earnings | 0 | 1 |
Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | (9) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair value at ending of the period | 1 | 1 |
Net unrealized losses still held at December 31, | ||
Included in earnings | 0 | 0 |
Included in OCI | 0 | 0 |
Net unrealized gains still held at December 31, | ||
Included in OCI | 0 | 0 |
Hedged available-for-sale securities | ||
Assets | ||
Fair value at beginning of the period | 4 | 9 |
Net realized/unrealized gains (losses) | ||
Included in earnings | 0 | 0 |
Included in OCI | 0 | 0 |
Purchases | 5 | 6 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | (11) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair value at ending of the period | 9 | 4 |
Net unrealized losses still held at December 31, | ||
Included in earnings | 0 | 0 |
Included in OCI | 0 | 0 |
Net unrealized gains still held at December 31, | ||
Included in OCI | 0 | 0 |
Finance receivables and loans, net | Consumer Loan | ||
Assets | ||
Fair value at beginning of the period | 3 | 7 |
Net realized/unrealized gains (losses) | ||
Included in earnings | 0 | (1) |
Included in OCI | 0 | 0 |
Purchases | 0 | 12 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (3) | (15) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair value at ending of the period | 0 | 3 |
Net unrealized losses still held at December 31, | ||
Included in earnings | 0 | 0 |
Included in OCI | 0 | 0 |
Net unrealized gains still held at December 31, | ||
Included in OCI | $ 0 | $ 0 |
Fair Value (Fair Value Measur_3
Fair Value (Fair Value Measurements - Nonrecurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | $ 400 | $ 654 |
Finance receivables and loans, net | 135,852 | 132,037 |
Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 375 | 641 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | 0 | 0 |
Assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 441 | 700 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | (43) | (86) |
Nonmarketable equity investments | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 1 | 12 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | 1 | 3 |
Repossessed and foreclosed assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 10 | 5 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | (1) | 0 |
Level 1 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 0 | 0 |
Level 1 | Assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 1 | Nonmarketable equity investments | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Level 1 | Repossessed and foreclosed assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Level 2 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 0 | 0 |
Level 2 | Assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 2 | Nonmarketable equity investments | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Level 2 | Repossessed and foreclosed assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Level 3 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 375 | 641 |
Level 3 | Assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 441 | 700 |
Level 3 | Nonmarketable equity investments | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 1 | 12 |
Level 3 | Repossessed and foreclosed assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 10 | 5 |
Commercial | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 55 | 42 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | (43) | (89) |
Commercial | Level 1 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Commercial | Level 2 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Commercial | Level 3 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 55 | 42 |
Automotive | Commercial | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 6 | 3 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | 0 | 0 |
Automotive | Commercial | Level 1 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Automotive | Commercial | Level 2 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Automotive | Commercial | Level 3 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 6 | 3 |
Other | Commercial | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 49 | 39 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | (43) | (89) |
Other | Commercial | Level 1 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Other | Commercial | Level 2 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Other | Commercial | Level 3 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | $ 49 | $ 39 |
Fair Value (Fair Value, by Bala
Fair Value (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 4,680 | $ 1,062 |
Loans held-for-sale, net | 400 | 654 |
Finance receivables and loans, net | 135,852 | 132,037 |
Deposit liabilities | 154,666 | 152,297 |
Short-term borrowings | 3,297 | 2,399 |
Long-term debt | 17,570 | 17,762 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 4,680 | 1,062 |
Loans held-for-sale, net | 375 | 641 |
Finance receivables and loans, net | 135,852 | 132,034 |
FHLB/FRB stock | 784 | 719 |
Deposit liabilities | 55,187 | 42,336 |
Short-term borrowings | 3,297 | 2,399 |
Long-term debt | 17,570 | 17,762 |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 4,729 | 884 |
Loans held-for-sale, net | 375 | 641 |
Finance receivables and loans, net | 137,244 | 133,856 |
FHLB/FRB stock | 784 | 719 |
Deposit liabilities | 55,311 | 41,909 |
Short-term borrowings | 3,335 | 2,417 |
Long-term debt | 18,538 | 18,252 |
Estimated fair value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
Loans held-for-sale, net | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
FHLB/FRB stock | 0 | 0 |
Deposit liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Estimated fair value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 4,729 | 884 |
Loans held-for-sale, net | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
FHLB/FRB stock | 784 | 719 |
Deposit liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 12,789 | 12,989 |
Estimated fair value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
Loans held-for-sale, net | 375 | 641 |
Finance receivables and loans, net | 137,244 | 133,856 |
FHLB/FRB stock | 0 | 0 |
Deposit liabilities | 55,311 | 41,909 |
Short-term borrowings | 3,335 | 2,417 |
Long-term debt | $ 5,749 | $ 5,263 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting [Abstract] | ||
Derivative assets, gross amounts of recognized assets/liabilities | $ 33 | $ 23 |
Gross amounts offset on the Consolidated Balance Sheet | 0 | 0 |
Total assets, net amount | 33 | 23 |
Financial instruments | 0 | (1) |
Gross amounts not offset on the Consolidated Balance Sheet | (31) | (22) |
Total assets | 2 | 0 |
Derivative liabilities, gross amounts of recognized assets/liabilities | 17 | 42 |
Gross amounts offset on the Consolidated Balance Sheet | 0 | 0 |
Net amounts of assets/liabilities presented on the Consolidated Balance Sheet | 17 | 42 |
Derivative liabilities, gross amounts not offset on the condensed consolidated balance sheet, financial instruments | 0 | (1) |
Derivative liabilities in net liability positions | (6) | (1) |
Net amount | 11 | 40 |
Securities sold under agreements to repurchase | 747 | 499 |
Derivative liabilities - gross amounts offset on the consolidated balance sheet | 0 | 0 |
Securities sold under agreements to repurchase | 747 | 499 |
Security sold under agreement to repurchase, gross amounts not offset on the condensed consolidated balance sheet, financial instruments | 0 | 0 |
Security sold under agreement to repurchase, subject to master netting arrangement, collateral, right to reclaim cash not offset | (747) | (499) |
Securities sold under agreements to repurchase, offset against collateral, net of not subject to master netting arrangement, policy election | 0 | 0 |
Gross amounts of recognized assets/liabilities | 764 | 541 |
Gross amounts offset on the Consolidated Balance Sheet | 0 | 0 |
Fair value of derivative contracts in payable position | 764 | 541 |
Financial instruments | 0 | (1) |
Securities sold under agreements to repurchase, securities loaned, collateral, right to reclaim cash | (753) | (500) |
Security sold under agreement to repurchase, and security loaned, including not subject to master netting arrangement, after offset and deduction | 11 | 40 |
Derivative assets with no offsetting arrangements | 2 | |
Derivative liabilities with no offsetting arrangements | $ 10 | $ 39 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities |
Segment Information (Details)
Segment Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) subsegment segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 4 | ||
Number of operating subsegments | subsegment | 2 | ||
Net financing revenue and other interest income | $ 6,201 | $ 6,850 | $ 6,167 |
Other revenue | 2,013 | 1,578 | 2,039 |
Total net revenue | 8,214 | 8,428 | 8,206 |
Provision for credit losses | 1,968 | 1,399 | 241 |
Total noninterest expense | 5,163 | 4,687 | 4,110 |
Income (loss) from continuing operations before income tax expense | 1,083 | 2,342 | 3,855 |
Total assets | 196,392 | 191,826 | 182,114 |
Net financing revenue and other interest income after the provision for credit losses | 4,200 | 5,500 | 5,900 |
Goodwill impairment | 149 | 0 | 0 |
Operating Segments | Automotive Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 5,361 | 5,224 | 5,209 |
Other revenue | 321 | 306 | 251 |
Total net revenue | 5,682 | 5,530 | 5,460 |
Provision for credit losses | 1,618 | 1,036 | 53 |
Total noninterest expense | 2,450 | 2,244 | 2,023 |
Income (loss) from continuing operations before income tax expense | 1,614 | 2,250 | 3,384 |
Total assets | 115,387 | 111,463 | 103,653 |
Goodwill impairment | 0 | ||
Operating Segments | Insurance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 117 | 89 | 59 |
Other revenue | 1,428 | 1,023 | 1,345 |
Total net revenue | 1,545 | 1,112 | 1,404 |
Provision for credit losses | 0 | 0 | |
Total noninterest expense | 1,332 | 1,150 | 1,061 |
Income (loss) from continuing operations before income tax expense | 213 | (38) | 343 |
Total assets | 9,081 | 8,659 | 9,381 |
Goodwill impairment | 0 | ||
Operating Segments | Mortgage Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 211 | 221 | 124 |
Other revenue | 16 | 27 | 94 |
Total net revenue | 227 | 248 | 218 |
Provision for credit losses | (3) | 3 | (1) |
Total noninterest expense | 138 | 190 | 187 |
Income (loss) from continuing operations before income tax expense | 92 | 55 | 32 |
Total assets | 18,512 | 19,529 | 17,847 |
Operating Segments | Corporate Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 397 | 334 | 308 |
Other revenue | 104 | 122 | 128 |
Total net revenue | 501 | 456 | 436 |
Provision for credit losses | 52 | 43 | 38 |
Total noninterest expense | 142 | 131 | 116 |
Income (loss) from continuing operations before income tax expense | 307 | 282 | 282 |
Total assets | 11,212 | 10,544 | 7,950 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 115 | 982 | 467 |
Other revenue | 144 | 100 | 221 |
Total net revenue | 259 | 1,082 | 688 |
Provision for credit losses | 301 | 317 | 151 |
Total noninterest expense | 1,101 | 972 | 723 |
Income (loss) from continuing operations before income tax expense | (1,143) | (207) | (186) |
Total assets | 42,200 | $ 41,631 | $ 43,283 |
Goodwill impairment | $ 149 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Information (Narrative) (Details) | Dec. 31, 2023 |
Parent company | |
Entity Listings [Line Items] | |
Threshold for parent company financial information disclosure | 25% |
Parent Company Condensed Fina_4
Parent Company Condensed Financial Information (Condensed Statement of Comprehensive Income (loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net financing revenue and other interest income | $ 6,201 | $ 6,850 | $ 6,167 | |
Total other revenue | 2,013 | 1,578 | 2,039 | |
Total net revenue | 8,214 | 8,428 | 8,206 | |
Provision for credit losses | 1,968 | 1,399 | 241 | |
Total noninterest expense | 5,163 | 4,687 | 4,110 | |
Income (loss) from continuing operations before income tax expense | 1,083 | 2,342 | 3,855 | |
Income tax benefit from continuing operations | 61 | 627 | 790 | |
Net income from continuing operations | [1] | 1,022 | 1,715 | 3,065 |
Loss from discontinued operations, net of tax | [1] | (2) | (1) | (5) |
Net income | 1,020 | 1,714 | 3,060 | |
Other comprehensive income (loss) | 243 | (3,901) | (789) | |
Comprehensive income (loss) | 1,263 | (2,187) | 2,271 | |
Parent company | ||||
Net financing revenue and other interest income | (945) | (1,000) | (1,070) | |
Dividends from bank subsidiaries | 1,350 | 3,150 | 3,450 | |
Dividends from nonbank subsidiaries | 250 | 1 | 27 | |
Total other revenue | 169 | 103 | 243 | |
Total net revenue | 824 | 2,254 | 2,650 | |
Provision for credit losses | (14) | (32) | (106) | |
Total noninterest expense | 466 | 665 | 650 | |
Income (loss) from continuing operations before income tax expense | 372 | 1,621 | 2,106 | |
Income tax benefit from continuing operations | (408) | (253) | (412) | |
Net income from continuing operations | 780 | 1,874 | 2,518 | |
Loss from discontinued operations, net of tax | (2) | (1) | (5) | |
Equity in undistributed earnings of subsidiaries | 242 | (159) | 547 | |
Net income | 1,020 | 1,714 | 3,060 | |
Other comprehensive income (loss) | 243 | (3,901) | (789) | |
Comprehensive income (loss) | $ 1,263 | $ (2,187) | $ 2,271 | |
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
Parent Company Condensed Fina_5
Parent Company Condensed Financial Information (Condensed Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 6,945 | $ 5,571 | ||
Equity securities | 810 | 681 | ||
Finance receivables and loans, net of unearned income | 139,439 | 135,748 | ||
Allowance for loan losses | (3,587) | (3,711) | $ (3,267) | |
Finance receivables and loans, net | 135,852 | 132,037 | ||
Other assets | 9,395 | 9,138 | ||
Total assets | 196,392 | 191,826 | 182,114 | |
Long-term debt | 17,570 | 17,762 | ||
Interest payable | 858 | 408 | ||
Accounts payable | 509 | 435 | ||
Accrued expenses and other liabilities | 2,726 | 2,648 | ||
Total liabilities | 182,626 | 178,967 | ||
Total equity | 13,766 | 12,859 | $ 17,050 | $ 14,703 |
Total liabilities and equity | 196,392 | 191,826 | ||
Parent company | ||||
Cash and cash equivalents | 3,911 | 3,333 | ||
Equity securities | 16 | 0 | ||
Finance receivables and loans, net of unearned income | 1,478 | 560 | ||
Allowance for loan losses | 22 | 23 | ||
Finance receivables and loans, net | 1,500 | 583 | ||
Bank subsidiaries | 13,692 | 13,197 | ||
Nonbank subsidiaries | 4,503 | 5,191 | ||
Investment in operating leases, net | 16 | 21 | ||
Other assets | 1,536 | 1,307 | ||
Total assets | 25,437 | 23,855 | ||
Long-term debt | 10,427 | 10,035 | ||
Interest payable | 98 | 84 | ||
Accrued expenses and other liabilities | 333 | 291 | ||
Total liabilities | 11,671 | 10,996 | ||
Total equity | 13,766 | 12,859 | ||
Total liabilities and equity | 25,437 | 23,855 | ||
Deposits by parent at subsidiaries | 3,900 | 3,300 | ||
Parent company | Related Party | ||||
Intercompany receivables from subsidiaries | 263 | 223 | ||
Intercompany debt to subsidiaries | 772 | 545 | ||
Accounts payable | 41 | 41 | ||
Guarantor subsidiaries | ||||
Long-term debt | $ 2,000 | $ 2,000 |
Parent Company Condensed Fina_6
Parent Company Condensed Financial Information (Condensed Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating activities | ||||
Net cash provided by operating activities | $ 4,663 | $ 6,247 | $ 4,042 | |
Investing activities | ||||
Proceeds from sales of finance receivables and loans initially held-for-investment | 258 | 55 | 376 | |
Originations and repayments of finance receivables and loans held-for-investment and other, net | (5,040) | (7,927) | 2,896 | |
Purchases of equity securities | (339) | (539) | (1,346) | |
Proceeds from sales of equity securities | 356 | 846 | 1,508 | |
Net change in nonmarketable equity investments | (73) | 27 | 56 | |
Other, net | (579) | (531) | (443) | |
Net cash used in investing activities | (7,288) | (17,263) | (11,098) | |
Financing activities | ||||
Net change in short-term borrowings | 898 | 2,399 | (2,136) | |
Proceeds from issuance of long-term debt | 5,705 | 7,125 | 2,997 | |
Repayments of long-term debt | (4,595) | (6,464) | (6,068) | |
Repurchases of common stock | (33) | (1,650) | (1,994) | |
Preferred stock issuance | 0 | 0 | 2,324 | |
Trust preferred securities redemption | 0 | 0 | (2,710) | |
Common stock dividends paid | (368) | (384) | (324) | |
Preferred stock dividends paid | (110) | (110) | (57) | |
Net cash provided by (used in) financing activities | 3,839 | 11,575 | (3,848) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 1,217 | 552 | (10,904) | |
Cash and cash equivalents and restricted cash [Roll Forward] | ||||
Cash and cash equivalents and restricted cash at beginning of year | 6,222 | 5,670 | 16,574 | |
Cash and cash equivalents and restricted cash at December 31, | 7,439 | 6,222 | 5,670 | |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | 6,945 | 5,571 | ||
Restricted cash | [1] | 494 | 651 | |
Parent company | ||||
Operating activities | ||||
Net cash provided by operating activities | 879 | 1,733 | 3,753 | |
Investing activities | ||||
Proceeds from sales of finance receivables and loans initially held-for-investment | 1 | 64 | 378 | |
Originations and repayments of finance receivables and loans held-for-investment and other, net | (37) | (7) | 189 | |
Net change in loans — intercompany | (290) | (65) | (10) | |
Purchases of equity securities | 0 | 0 | (8) | |
Proceeds from sales of equity securities | 5 | 1 | 0 | |
Capital contributions to subsidiaries | (8) | 0 | 0 | |
Returns of contributed capital | 1 | 52 | 24 | |
Net change in nonmarketable equity investments | (2) | 8 | 29 | |
Other, net | (10) | (27) | 44 | |
Net cash used in investing activities | (340) | 26 | 646 | |
Financing activities | ||||
Net change in short-term borrowings | 0 | 0 | (2,136) | |
Proceeds from issuance of long-term debt | 2,410 | 1,655 | 765 | |
Repayments of long-term debt | (2,087) | (1,088) | (777) | |
Net change in debt — intercompany | 227 | (496) | (336) | |
Repurchases of common stock | (33) | (1,650) | (1,994) | |
Preferred stock issuance | 0 | 0 | 2,324 | |
Trust preferred securities redemption | 0 | 0 | (2,710) | |
Common stock dividends paid | (368) | (384) | (324) | |
Preferred stock dividends paid | (110) | (110) | (57) | |
Net cash provided by (used in) financing activities | 39 | (2,073) | (5,245) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 578 | (314) | (846) | |
Cash and cash equivalents and restricted cash [Roll Forward] | ||||
Cash and cash equivalents and restricted cash at beginning of year | 3,366 | 3,680 | 4,526 | |
Cash and cash equivalents and restricted cash at December 31, | 3,944 | 3,366 | $ 3,680 | |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | 3,911 | 3,333 | ||
Restricted cash | $ 33 | $ 33 | ||
[1] Restricted cash balances relate primarily to our securitization arrangements. Refer to Note 13 for additional details describing the nature of restricted cash balances. |
Guarantees and Commitments (Sch
Guarantees and Commitments (Schedule of Guarantor Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Guarantor Obligations [Line Items] | ||
Standby letters of credit and other guarantees | $ 0 | $ 1 |
Cash collateral received for standby letters of credit | 3 | |
Maximum | ||
Guarantor Obligations [Line Items] | ||
Standby letters of credit and other guarantees | $ 259 | $ 272 |
Guarantees and Commitments (Fin
Guarantees and Commitments (Financing Commitments) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Guarantor Obligations [Line Items] | ||
Unused revolving credit line commitments and other | $ 10,658 | $ 9,156 |
Commitments to provide capital to investees | 1,191 | 1,112 |
Construction-lending commitments | 168 | 178 |
Home equity lines of credit | 134 | 145 |
Mortgage loan origination commitments | 29 | 14 |
Unconditionally cancelable unfunded commitments | 18,700 | $ 23,600 |
Disposal Group, Held-for-Sale, Not Discontinued Operations | Ally Lending | ||
Guarantor Obligations [Line Items] | ||
Unused revolving credit line commitments and other | $ 68 |
Guarantees and Commitments (Con
Guarantees and Commitments (Contractual Commitments) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Guarantees and Product Warranties [Abstract] | |
2024 | $ 263 |
2025 | 235 |
2026 | 174 |
2027 | 85 |
2028 | 42 |
Total future payment obligations | $ 799 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 12 Months Ended | ||||
Jan. 11, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Subsequent Events [Abstract] | |||||
Cash dividends declared per common share (in dollars per share) | [1] | $ 1.20 | $ 1.20 | $ 0.88 | |
Subsequent Event [Line Items] | |||||
Cash dividends declared per common share (in dollars per share) | [1] | $ 1.20 | $ 1.20 | $ 0.88 | |
Subsequent event | |||||
Subsequent Events [Abstract] | |||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | ||||
Subsequent Event [Line Items] | |||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | ||||
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |